I'm surprised no-one else here has posted about it yet, it is (mostly) a pretty slick website and I think an important step to try and foster a bit of community in our high fenced cities.
I've already been impressed about the number of postings in my neighbourhood, someone asked and got a free Tivo remote, another person was swapping a garden shed. I saw another thread today about an alternative to Trademe; I think there are a lot of times when we just want to get rid of something and don't care too much about getting money for it. Could be a great way to flog off your unwanted bits of technology. I also saw a colleague from IITP lives just a street over from me.
Apparently founded by Shane & Casey the guys behind GrabOne and Finda.co.nz.
Check it out and see what you think - if you don't mind, please use my invite link below so I can get a free t-shirt :)
My invite link (I've put it on bit.ly so I can delete it after a few days) - it isn't going to make us neighbors or anything unless we live in the same postcode-