What a cute idea! That should be fun! The prizes are minor enough that winning or not winning isn't that big of a deal, which means it's mainly a chance for the hosts to hang out and goof off a little with players, without anyone stressing too much about whether or not they can type fast enough to get the words out. If the prizes were any better, people would just be sitting silently in rooms with the 'phrase that pays' pre-loaded in their chat bar, ready to click enter should a host come by.
So cool. I'll be there. Thumbs up!