I'd lost track of this project for a while, but Pegasus News is up and running after a lot of initial hype.
It's worth paying attention to. The site is designed to blend staff content, citizen-generated content, and stuff shared from other media into a fully customizable package called the Daily You. A bit like Amazon, the software checks what you are clicking on and then starts proposing similar stories to match your interests. Even cooler are the neighborhood pages that pinpoint story locations on a map (why don't more newspaper sites do that?) Once you register, the map centers on your home.
As news organizations continue to redesign their sites, I hope they are looking at this one.