It's a good start, especially having it available digitally. As b_b stated, 12 months is too long. A lot can change with research over the course of a year. You could be reading a paper published 12 months ago touting a new technology only to find 12 months later from a "new" article that it has been debunked. But this will be very good for people looking to learn about well founded science and technology, and will also be good for the people writing these papers.
I don't really get why the $100M requirement is in there. That's a pretty exclusive group. Tons of great research is done at smaller institutions with NIH and NSF dollars. Do they think these places are too poor to buy a godaddy domain name and put their shit on the web?
It excludes many smaller agencies, but maybe those papers will get added into the bigger agencies research such as DOE, DARPA, NIH, EPA, NOAA, etc.