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To me this just feels like 1999 with tons of useless sites on Geocities. Within the crowd, though, some have real value ( http://apps.facebook.com/carpool/ ) and I think that over time this will sort itself out.
The directory itself will probably be useless in not too long, just as web directories like Yahoo and DMOZ are essentially unused now, in favour of search engines.
I think that the web directory analogy is a good one and that's ultimately what i'm experiencing. There are so many bad applications that it's getting more difficult to filter out the bad ones.
Maybe I'm just having application directory overload.