It is one solution but I still think user retention will need to be a focus. There are a ton of people who just show up then stop all of a sudden. However, it would at least make the process of making an account much easier and increase the number of users.
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It's a numbers game, just like anything else. A certain percentage of people who try it will stay. The key is getting as many eyeballs on it as possible and making it easy to check it out will increase that number dramatically. Once there, some will stay, some will leave again, and a small number will become very active. Just keep expanding the reach and eventually the numbers will add up.