Yes, but it's not near as 'roulette'. I get the impression it connects you with people that are a part of or near your social network, and/or people that have similarities according to your interests, likes, etc.
Edit: There's also no anonymity to it. Your identity is there for all to see, so there's an inherent level of accountability there that should deter the...exhibitionists. :p
Are you sure there's no anonymity? Check out the Airtime video [1]. The first few seconds clearly indicate that names are anonymous until you 'add' each other.
Edit: There's also no anonymity to it. Your identity is there for all to see, so there's an inherent level of accountability there that should deter the...exhibitionists. :p