From the site: "Tiny fictional snippets that tell a short story. Each author adds to the larger narrative." It will shut down on January 15, 2009.
Also of note:
Comment from creator of Ficlets (Dec. 3 2008) I've already written an exporter and have all the stories (the ones not marked "mature" anyway). I have pretty much all of the author bios too. Since I was smart enough to insist that AOL license all the content under Creative Commons, I'll be launching a "ficlets graveyard" on 1/16 so at least the stories that people worked so hard one will live on. This guy might be worth contacting
Soon to be dead.
Who's Working On It?
Lore is grabbing it.