After posting the other day about where I was on the Ravelry waiting list, I got my invite this morning!
Have only had a quick look but have found out already it only supports photos from Flickr at the moment, though there are plans to include other photo sites I think. It's a wee bit of a pain as I tend to use photobucket. And you have to make sure your pictures are marked as public on Flickr or it can't load them up.
But apart from those minor things it looks like a great resource. Hope you don't have to wait too long if you're still on the list (yes you Bronte!)