I have to agree with you though. This may be more than <insert weekend project> we always hear about, but not _much_ more. I'd imagined the product would be mostly built already.
Maybe they wanted an injection of cash before getting a handful of servers, and we should see everything up and running within the week.
Maybe they think they need to be Twitter-sized day one, which would be a mistake on their judgement.
^ And that is hardly the only project, and it could use improvements like everything, but it's one that surprised me when I first heard of it, because it really does a lot and, well, nobody ever mentions it..!
One link of note, not that much there yet but surely something I will watch eagerly: http://www.w3.org/community/fedsocweb/
If you wanna do it right, do it right.