I’m not entirely sure why, but “Ficlet” looks vaguely pornographic.
Anyway, this site strikes me as sort of similar to the “SF Story Tag” chats that Gedi hosts sometimes. You publish a short (no more than 1,024 characters) fragment of fiction on the site, then other users can expand on that with a prequel or sequel, then others can expand on that, and so on and so forth.
Sounds like fun, and it’s all Creative Commons so you don’t have to worry about anyone “stealing” your work.
Link (via The Whatever)