i mean... there was another product that Google rolled out that was on an invitation basis. Last I checked Gmail is doing pretty well...
facetious comparison aside, i think the (Yegge)? rant about how Google does things applied here.
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Unlike Wave, you didn't have to wait for your friends and colleagues to get a Gmail account before you could talk with them. You could talk with anyone.
It's pretty hard to socialise on a network where you're the only one there....