The premise is that you can browse and search for items like purses, shoes, etc. Next, you identify items you like by touching 'Cute' (okay, that's where they could use a 'Cool' option for guys) and share your findings with friends using your social network.
You can save multiple results and compare them side by side. There is a specific set of e-tailers currently, but I would expect that to grow.
I was able to search for 'guy' things like iPhone cases and shoes, from J. Crew, Burberry, and Zappos so it doesn't have to be just for the ladies. I hope they consider re-skinning the app for the other half of the population, but anyone can use and appreciate Flit Shopping as-is.