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Ed, I think your idea is a great one! And to be really honest, I really have to question the maximising intelligence of someone who has to subscribe to a service to book a reservation for dinner if your companion is a fellow foodie, friend, spouse, etc. I've had lots of luck calling the day of or showing up - easy enough to do if you live in midtown or downtown within walking distance of the venue.
However, yes, for business I can see how the business model you described might work. A friend in finance is frequently invited by out of town guests on 24 notice to dinner at top venues (per se, etc). How did the host get the rez? I'd guess $$$ paid to a service and charged to an expense account.
http://www.AWineStory.com and http://www.NYfork.com