* They've raised a decent amount of money, which means they can't stay a strictly small 37 signals type company.
* 4,000 for virtual stickets isn't too encouraging.
* The themes are a nice revenue stream, but I don't think it's enough to keep them going.
* They've nixed premium accounts which could have been nice.
* They're 100% opposed to ANY form of advertising, even something that's innovative. I don't think they should be doing adsense, but I think there's actually room here for something innovative. They have an interesting audience and there's a certain sense of style on tumblr blogs. They could do advertising that doesn't suck.