Media often reaches the point where it is just as much about entertainment as useful information. This Techcrunch post didn't teach you a whole lot about Web 2.0 business or technology. It was just playing into a clever viral marketing campaign. In the end, it's hard to fault Techcrunch because the application is pretty cool.
It's very cool, but in a way that demands a qualifier. Arrington should have written something like "This isn't hardest app to make, or even close to the most important, but it's a brilliant little idea." He also should have said that it's got low replay value. I see what you're saying, but the tone of the post suggested that Arrington was using "coolest" to mean something pretty profound.