From the about page:
This website is designed to allow as many people in the UK as possible to put forward their ideas on what laws and regulations we should do away with. Prime Minister David Cameron and Deputy Prime Minister Nick Clegg, along with the rest of the Coalition Government, invite you to collaborate on ideas for freedom and change.
This will form an important part of our commitment to cutting red tape, repealing unnecessary laws and supporting civil liberties. Your ideas will inform initiatives such as the proposed Freedom Bill and the streamlining of regulation, particularly for businesses and other organisations.
According to an update posted to the website at 1:45am on Friday, July 2, 2010 the initial participation metrics are quite high: