Those Livewrong bracelets started as a way to make money for a family that lost someone. The Drunkcyclist helped promote it cause he knew the family and wished to help them raise money for their bills. Then the money from the cause was moved to that cycling group there in AZ.
I think they're great if not just because when I see one I know I am talking to someone who I have something in common. We might visit the same site, discuss on the same forums, and probably both enjoy riding bikes.
Take it easy.