I took a quick look, and it does seem to do what it says on the tin. You do get to see advertising before the programme starts, which I guess is how they make their money and stay legal. I was particularly taken by the fact that the new season of True Blood has just started, so that's something of a temptation. Picrap aggregates over 1,000 TV shows from around the world, so there's bound to be something that you like. It doesn't host the shows itself though, which is an important point.
One to try while it's available perhaps!