No, you need a lazy signup process -- let me use (most) everything immediately. Save my data in a cookie or in a temporary user object on your server, and make it permanent once I signup.
On the bottom of the page, below the signup form: FAQ. It answers questions like, "What is readfa.st?", "How much does readfa.st cost?", and, "How does readfa.st work?"
I agree also, you really need a lot more information up front to tell people what the service actually does. Especially for a service like this, I don't see a lot of value hiding the content behind a registration wall.