Yay! I'm not the only one who didn't get it. I thought "tag" meant the name tag. The game of tag never entered my mind at all. I thought "IT" was referring to one of those phrases like "you'll know IT when you see IT" or maybe it was a slam against I.T. guys... Oh well.
...and yeah. Woot does just fine at being woot. It offers one new shirt a day, with 27 different available shirts. Some of it's crap and some of it's awesome - just like their other woot sites. This model covers both the "I like to buy cheap crap on the interwebnets" and the "I like to find unique, tasteful, affordable things on the internets" crowds. They obviously chose the business model for a reason. Would I choose the same model for my business? No. I don't give a lolcat about the "I want to buy cheap crap crowd." It's not my site though, so I don't care. I'll submit my sub-par designs in derbies, my better stuff as dailies, and anything that doesn't make it can be printed later.