It's a fairly standard MLM scam; though it uses recruiting an audience for advertisers to target, rather than application fees, to build the ponzi part of the process.
It proposes to be a new web portal. It has no evidence of any revenues. It's competing against large incumbents in the field.
It is demonstrably not the first profit-sharing site on the internet: indeed, there's a whole top-level domain dedicated to profit sharing sites: .coop
The proposal is that this site will earn revenue. That needs a lot of people to use the portal as their home page. Let's look at the design skills of the site owner, by looking at his blog. This is the man who's going to out-compete Google, Yahoo, MSN, AOL and a slew of other ISPs:
## Is this the web page of a successful web portal designer?
!enter image description here
## No. No it isn't.