Very good insight. I agree with you that, if it is a scam, it was a poorly-crafted one. I'm more inclined to believe that the initial investors have much more to lose by trying to "pump and dump" and that they really don't have as much control over the quality of the site as they may think - if they think that.
It is certainly an interesting experiment and there is definitely a lot to work out, but it could turn into something promising. On the other hand, it could also turn into a colossal mess. Half the fun is not knowing!
By the way - that's a nice little flow chart you made! Who needs PowerPoint anyway?