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In their own words
"SwapNames.com is an online marketplace for domain name owners to actively swap, buy or sell their domain names or web sites. Domain owners can actively search out domains that are of interest, offer their own domains in their portfolio as well as receive swap offers from other domain owners."
Why it might be a killer
Most new domain investors are stuck with a large portfolio that they are unable to monetize or sell. By providing an open and free barter trading platform, domain investors can seek out other member's domains and make swap offers. This will create a social-like barter-trading marketplace where members can negotiate, communicate and discuss the values for their domains before making the swaps.
Some questions
Why would someone like to swap domain names instead of selling them? How is a user supposed to get to this website?
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