This part is so cliche that you probably don't even need to read it, but here it is anyways:
We are initially targeting a hip, tech-savvy, urban demographic that is passionate about their interests. Think foodies, musicphiles, movie-lovers, etc. Our target users probably already use social and review sites such as Facebook, Twitter, Yelp, last.fm, Metacritic, etc. They are passionate about expressing themselves through blogs, Facebook, Twitter, etc.
Did we hit all the buzzwords and hot companies there?