It's a neat site.
Obviously, the ratings aren't totally "legit," in that poor students are likely going to trash the teacher even if he/she was a good teacher and the student was the one needing improvement.
As a teacher, this site would really annoy (maybe even anger) me, because I would think it could affect one's reputation, and standing to a lesser extent. Granted, the people doing the reviewing aren't exactly "credible critics" in all cases, but still it would be upsetting to a be good (but hard) professor that gets torn up by students that didn't due too well in class due to lack of study, and not lack of quality teaching.
Neat site though. I look at it, and it might have influenced who I took for a class a few times, but I take the reviews with a grain of salt, as ultimately the reviewers are often students holding a grudge.