Well - to be fair - he's got us talking about it, and likewise with 100's other forums etc. Was even on BBC news pages today. So - even though the idea may be pretty lame, and similar to his last idea (which I agree was nothing special), the fact he's generating so much free viral marketing etc will mean it'll do well.
I'll be honest and admit that I just purchased a small 10x10 link from him earlier this morning... Bizarely , we've already had one potential web design client phone us (saying they found us on pixelotto), and a look at our logs shows (so far) nearly 100 click throughs from his site... so he's certainly getting the traffic!!!
The other reason for getting in early is also Google Pagerank. He's not got one at the moment, but its only a matter of time.
Gary