He seems patronizing: his entire post reads like a satire, i.e., "Look, ma, I made a social networking site, too, just like the ones all the cool kids are visiting these days".
Also, he seems to enjoy mocking the lower costs inherent in Web 2.0 by exaggerating how cheaply he built the whole thing.
That may not be his intention, but that's certainly how it comes across.
Thoughts?
Any responsible investor, either angel or VC, will want to have some sense about that, even if revenues and profits "come later".
YC gets a lot of criticism in that regard, but to their credit, they do ask applicants how they intend to make money with their project.
If he can get 260K page views, even a 0.5% clickthru @ only $0.10 an ad is $130. Not great, but if you can do it every day you've got a site that's pulling in $50K in revenue a year. Not bad, but could be something to explore.
I totally agree with you that you need to know where your business is going to go and if you want to get real funding you'd better have a business plan, but if you're running a $12K test, why not just make sure you think there's a model and then test it?