Well, I heard from twitter, but if you don't twitter, check out the NY Observer's article on Ravelry here.
My only comment would be that I don't really agree with them saying that we users call it "facebook for knitters." It's really not. It's much more hardworking. I doubt any other hobby has a similar networking site. I have a Shelfari page and while I can connect with other people that read, it just seems so much less interactive in a way. Maybe that's because reading exists so much in my head that I have a hard time connecting with others (or vice versa) about the things I read. It's a lot easier to chat while knitting than it is for me to chat while reading.
It's probably actually better for me that there isn't any iPhone app for Ravelry. I'm sure my battery would die so hardcore.