The sole reason it was successful is because it was a unique idea. Think of a unique idea, get the word out and you'll be swimming in money. That's really all there is to it. To answer your question - yes it has been redone, many times and unfortunately there are way too many clones out there for them to be even remotely successful now.
i agree with ponynugget. it can and has been redone. many many times. i have seen many of them and i can almost guarantee you that none will be as successful as the first.
Well you are right about the buzz marketing part and that part can be redone, just with a different idea. You could always try BILLION DOLLAR HOMEPAGE!!!!!!!!