From a business perspective this is genius. Content costs nothing because it's created by users and everything they make is pure profit. People will tune in to see if their content was picked or not.

Of course, it will probably end up being just as crappy as local public access channels. Except, instead of seeing teenagers prank call McDonald's it'll be wannabe Art Bells ranting about how George W. Bush is hiding Osama bin Laden on the dark side of the moon.