The Steemit.com website is the single point of failure. The Steemit website is not decentralised. There is nothing stopping 100 front end websites popping up that run off the very same Steem blockchain.
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Completely agree.
Doesn't this become a moot point by the fact that the users create the value? Even if others pop up, it's the people that make steemit work. If there are new, better platforms, it would be the choice of those same people to switch. That's how things are supposed to work in my book. Can't stop an idea.. and this is a pretty good one.
I'm going to create a more indepth YouTube video about this to explain it properly.