It looks promising to me. The site is very Spanish-centric and the UI is not very appealing or comfortable, but that can change. The important thing is that it is a wiki, it has a versioning system and everybody can join. So goodbye to jealousy-driven closed subber groups, and goodbye to websites that try to emulate version control over a bulletin board.Question:
Why not join this community with this great (and new) community
http://www.wikisubtitles.net/
And, i thing also join to this open software: http://sourceforge.net/projects/opensub/
The software, Open Subtitle Translator, looks like an open-source clone of Subtitleworkshop, which is nice because it makes it possible to fix all those bugs that make Subtitleworkshop unusable and won't be fixed there: Unicode support, butchering of formatting tags, ...
The real innovation is that it's collaborative and integrated with the website.
OK, I haven't tried out much yet and maybe I'm expecting too much, but I think it addresses a need. There are so many unfinished subtitles here, or old ones with errors that should be deleted because a better version is out. Also it's frustrating to upload an almost complete subtitles file with just some gaps where I didn't understand the words, and then hundreds of people download it but nobody tries to fill in the gaps. It would be great to have some tools for sharing the work with everybody who wants to contribute a few lines.
I don't know if opensubtitles and wikisubtitles can be "joined" as Jonpagecr suggests. But maybe link to it? Encourage people to post their subtitles there first, if they feel they need some help with them?