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This could be something that could work pretty well, but it makes me think of this xkcd: http://xkcd.com/1425/
Why? Surely experienced programmers, who are being asked to do the work before giving a cost estimate, know the difference between a project that will take 48 hours and one that will take five years. Plus they charge, if I read correctly, a maximum of $500 so one would think they wouldn't take anything that's even remotely out of that $scope.
I am very happy to see startups like this.

Convenience factor from Uber - when ordering taxi i am not sure if it will be in my place in 20 minutes. In Uber i am very sure. Same apply here - task will be made in 48h or not.

I imagine future startups all like these - when user will be starting a chat with AI that will route him for humans or another AI to finish the task.

Back to the history when people were calling services from yellow pages.

http://www.cluetrain.com/ - "De-cloaking, getting personal: We are those markets. We want to talk to you."

"Credentials: We're ex-Googlers and trained computer scientists. We invert binary trees [links to https://twitter.com/mxcl/status/608682016205344768 ] for fun."

Wow, way to ensure I am never, ever going to recommend this service to anyone. I am not impressed they can invert a binary tree. What is impressive is how they can manage to come across as pretentious, try-hard bullies in their own effing marketing material.

Thanks for the feedback. It was meant to be tongue in cheek, but clearly it came off the wrong way. We're going to revise this shortly.
This entire concept sinks or swims on its ability to accurately estimate and control scope.
Scope is already estimated and contolled by upper bound.
Emails to you are bouncing.
It looks like the apply@codegophers.com email is not set up correctly. We'll fix that shortly, but you can email start@codegophers.com until then.
Cool! But these are indeed small tasks. From the site:

18,469 lines of code written, approved, and delivered

137 projects lovingly completed

So that would be 134 lines of code per project?