The secret to /. success is revealed in this New York Times article. Basically: goofiness, guarana drinks, great content, low overhead, suburban basement offices, and revenue from affiliated sites like the ThinkGeek store, if I'm reading it correctly. If they can succeed where the glossies failed–and so far, they have–more power to 'em.
Link (registration required) Discuss (Thanks, Kirin! Thanks, Steve!)