According to the site:

Virb is a place that lets you put all of the things that make you you - photos, videos, blogs - in one place. So you can find friends (and friends can find you).

Online office suite. Includes: Project Management Software, Spreadsheets, Wiki, Presentation Tool, etc.

Interesting application of opensource. From the website:

StoryFace is an OpenSource prototype paving the way towards intelligent electronic paper. If anyone wants to pitch in an idea feel free to post them in our forums. We’ll add the best ones :) Remember, everything goes back to the community, so don’t be stingy with your ideas unless you plan to patent/create them. Otherwise, it’s just a Dream Unborn.