Agreed. The UI isn't even that good. They paid a company to tell them to copy Facebook, but ghettoed it. The funding definitely went to people who were not ready for this. They had 4 developers on this, you'd expect more polish. Just feels like a regular crud app with flash sockets, won't work iPhone/iPad without a lot of tinkering. Am I being too harsh?
That being said, I have no skills to bother taking a look under the hood. Could be they've done some impressive stuff underneath, and it will manifest over time?