As best I can understand it, ScriptLance allows "buyers" to post abstracts of their coding projects, at which point software engineers get to bid to do the project. The project is "auctioned", and somebody wins the bid. ScriptLance apparently holds the funds in escrow, and pays the programmer when the buyer says the job is done.
It's kind of like eBay for web development.
If this catches on, it will have massive implications to very small businesses, who may want to have custom software development done, but who aren't big enough to have their own IT shop, or aren't located in a city with a local pool of freelance contractors. I'll post more once I've found someone who's had a successful (or failed) project go through this site.