TL;DR, "After years, and hundreds of thousands of your dollars, we couldn't do it. Can you code it, too?" Don't mistake me; I'm a huge fan of what they were trying to do. I'm just really, deeply disappointed in their execution.
I was a huge fan until the first code release. Then the reality of how out of their depth they were hit me and I wrote it off. Did you actually try it out? I can't decide if I'm a fan of what they did because they just went for it and made a big splash or if I'm annoyed that they took all that kickstarter money for something they could never deliver with their skillset. No one else can crowdfund a similar project for…
Huh? App.net is similar in many dimensions and just got funded for way more.
Yes, people will be justifiably wary of a very-young team with very-lofty technical goals, without a demonstration of a better plan and code. But that's as it should be. They tested a longshot idea fairly efficiently; the market (of funders and adopters) has now learned a lessen at not much cost.