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The value-added of IOTD has always been putting together the narrative and presenting it well. There are other sites (the atlantic's In Focus, NYT's Lens blog, etc) that are mostly just about beautiful pictures around a theme, but don't emphasize the story. imgur/tumblr/etc tend to be single images isolated from any context.
It's more information than the pared-down-for-tumblr paradigm, and usually fewer images than the we're-pro-journalists paradigm. Goldilocks and all that.
I don't see the point as being explicitly to bring in new members. If it can be set up to auto-push content to a facebook account, that's probably savvy. But personally the raisin-d-eatin'-it is simply that IOTD fills a niche that I'm interested in.
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