The AOL sales folks billed the site as being the first and only place where marekters could place their ads in front of coveted HBO content (it wasn't running content from HBO the channel but the content was billed as created by HBO specifically for This Just In). Its inaugural advertisers included Tylenol and American Express. However the site never apparently caught on.
Six months is a relatively short amount of time to give a web upstart, but apparently there wasn't a lot of patience for this type of thing over at Time Warner, the parent to both AOL and HBO. (AOL has historically had a difficult time making joint ventures with its corporate siblings work.) Web measurement service Compete has it peaking at about 450,000 unique visitors in March, before dropping off.
Variety's got a story about it and Om Malik over at NewTeeVee has some harsh words as well.
A call to AOL's pr department was not returned.