I’ll let the press release tell you what Quizlet does:

After entering a list of vocabulary words and definitions, users are given three ways to study them: a simple flashcard method; a highly-configurable test page including written, matching, multiple-choice, and true/false questions; and a specialized “Learn” mode that tracks the userís knowledge of individual words and retests the user only on unlearned words. The siteís most innovative features include a live chat box which classmates may use to discuss vocabulary usage (or to gossip about teachers); groups that allow users to alert classmates about new sets they have entered and to edit sets collaboratively; the ability to import data from other websites and documents quickly and easily; and the ability to quickly combine word sets to study large quantities of vocabulary at once.

Created by Andrew Sutherland and tested over the past year by some of Andrew’s friends (myself included), Quizlet is a great example of using Web2.0MG concepts to enhance a quality product, instead of just creating another tag-happy circle jerk.

Check it out, I think you might like it.