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I wouldnt have the time to make it myself - but I would join a logoforum.com! so yes, I agree, a good value if has backing from a big player - but if a small independent blogger or someone wanted to start a community... they would offer a lot less (but doesn't mean its worth less)
it would make a very popular forum if developed correctly. you could even run logo competetions through it which are very popular. endless potential really.