The site has already made it to the Digg frontpage and delicious popular websites.
What would you do if you have to send a big chunk to text to someone - either you'll email it or upload the file to a webserver or copy-paste the text in a IM chat conversation.
Here's a better alternative - use ShortText.com. Write the text in ShortText and publish. You get a permanent URL to the text which you either email, share in a chat room or just bookmark for later reference.
ShortText also allows visitors to post comments in you post (with requiring to sign-in) which can be subscribed using RSS.
ShortText doesn't support HTML yet though any URL text is automatically converted into a live hyperlink. Language support is also limited. (Text in 24 languages, ShortText Page)
Similar services like pastebin, ChangeToLink, PasteHere.com, NoPaste and nopaste:pastebin are already popular among programmers for swapping snippets of code. Some of these services even offer syntax highlighting features.