At this time there is only 139 movies on the site. However, (in contrast to Youtube and similar services, where you can find zillions of movies but don't know where to start) I'm interested in almost all of them.
The movies themselves are just (supposedly free of copyright) Google video or Youtube clips embedded in a nice GUI, but they are well categorized, with year of release, duration, plot, cast, a link to IMDB info and even a poster of the movie.
The news section of the site brings a couple of RSS feeds - nothing spectacular but nice enough.
As far as social interaction goes, you can rate the movies, and that's pretty much it. However, the site is more about the good editorial choice of the admin than about socializing.
The site itself is pretty ad-ridden, and even most of the ads are standard, unobtrusive Google ads, at some points it does become too much and pulls the viewers' attention from the content.
Final thoughts? Well, although I expected something more Web 2.0-ish, I must say that I'm not disappointed. The site works - it's just a nice little place to go and check out a good movie or two. Yes, there are a few ads too many, but the content is free, so I doubt anyone will complain.