I'm not much fan of broadcasting myself though a video camera, but i sure can appretiate the idea.
I specially like this part:
[...] 5 Minute Friend simultaneously reminds us to make the most of the time we have. Five minutes may seem like no time at all (name one thing that only takes five minutes? Okay, name two.), but you might be hard pressed to generate true quality time with your new friend
Very interesting concept, i think.