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This seems like a little bit better yammer.com. Wonder how their business model works if everything is for free?!
As I read it, it's a bit more of a "portal" in which you can create wiki pages, share documents etc. as well. It certainly overlaps with Yammer a great deal but offers a bit more.

And actually, it's freemium: You pay for storage space and extra features like company branding.

Strangely enough, all employees consistently report what they're doing right now as "Working tirelessly to provide a world-class customer experience and maximize shareholder value!"
What!? That's not the kind of thing a startup should be doing! This is crazy-talk!
I meant, all employees of customers of the service. :)
Sounds like a very likely candidate for corporate firewall, like facebook and other time wasters.