[skewart]

You're absolutely right. Though I'd argue the real value in that exclusivity was not only exclusivity itself making people want to join (though I'm sure that was part of it), but also in enabling a culture of honesty about names, interests, and life. That honesty was only possible at the time through exclusivity. When FB started there was a long-standing cliche about social interaction on the internet: everyone lied about or exaggerated who they were. Facebook encouraged people to use their real name and share real information. Of course that honesty made it all the more fascinating to look at - you got to see who people really were. The honesty was only possible because it was a small network of more or less peers with a high level of trust.