Valleybeta, the new Rubyred Labs offering and subject of much ballyhooing today, already launched. And everyone's invited to join and beta-test various Web 2.0 services. (I hear Michael Arrington is stoked that he'll finally get to see some products early.)
But, of course, Valleyschwaggers get first dibs on the "smaller/newer/better" betas. And somehow, Rubyred will do it all without giving users' names or e-mails to other companies.
Valleybeta [Official site]