I happened to try it yesterday out of a dare from one of my internet friends.
I concur, it is full of penises.
You plop yourself down at your computer, connect your cam, and click the 'NEXT' button like you're sifting through a bowl of lucky charms one by one looking for a marshmallow. You get this odd feeling like, you're inside a TV watching all of these people randomly stumble upon your channel, point and talk in another language with their buddies, and then request you show your boobies. Many penises (some quite disturbing looking), breasts, and obese men and boys. Imagine if ANiceChat.com lost it's trolls and combined with the /GIF on 4-Chan, and all in real-time.
Has anyone else tried Chatroullete? Did you want to shoot yourself afterwards?