Bye-bye Juicy

JuicyCampus shut down. For those of you unfamiliar with the blog, it allowed anonymous posts sorted by campus. These almost always were within the gossip vein, and some escalated to hostile and defamatory posts.
Many people (your prof here included) wanted to see the site die. And it did. But they said they faded not because they were controversial, but instead because the economic downturn is killing online ads.
What do you think? Glad or sad to see it go? What value did the site provide? At what cost? Do sites like this have ethical obligations? Will College ACB just rise up in its place?

Is this Juicy?

I have to hear your opinions on this one:
http://www.nytimes.com/2008/03/16/fashion/16juicy.html?_r=1&adxnnl=1&oref=slogin&ref=fashion&adxnnlx=1206806357-vMRPG2FS2XSd3RHzhng60w
It's a story on the Juicy Campus Web site, of which we are, thankfully, not currently a part. I visited after reading this piece and was astounded.
Where does this fit in the sphere of information? Is it ethical to allow anonymous posts? What are the social implications? What recourse do people have when they are the focus of posts?