While the idea behind the site is a great one, the execution lacks on many levels. It is awesome to get great deals on products and try new services but ultimately the offerings end up being sub-par and ultimately you wouldn't pay money for the like in any other situation.
If you are in need of a service or product and are looking simply to save money, I would recommend using Livingsocial. If you have a service provider or product in mind that you know delivers quality and can afford it, choose that option.