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On the one hand, you can argue that we get what we pay for. Certainly if Twitter or FriendFeed had users that were paying US$50/month to use the service, they would have the obligation to offer a very high level of uptime, and would take care to design their systems to do so. Since both services are in a pre-monetization mode, one can argue that it's not wise to spend money for that kind of resilience at this time.
On the other hand, you can argue that they're damaging their future potential. Those who knew of Twitter during a good chunk of 2008 identified it with the fail whale, and now that there are many more users on Twitter, a fail whale can do a lot more damage to Twitter's image. FriendFeed is still trying to break into the public's eye, and while they've been relatively free of downtime, additional downtime episodes may bring FriendFeed unwanted attention.
I'm one of the extremely small minority of people who use these two services (base on the comments, it appears that most of TechCrunch's readers are on Facebook, or perhaps the WELL), and the only thing that I've determined is that I have to add more of my FriendFeed/Twitter contacts to Facebook. Then again, that could go down too...
There are good reasons to have accounts on several services if you rely on social media. I have accounts in many many places.
Many of the venture-backed cloud start ups have not addressed the survivability issues, and as a corollary, the insure-ability issue. There is not one specialty business underwriter that would touch these under capitalized, thinly equipped, and unrated services. The industry is offering minor alternatives for otherwise existing managed services where the actual, functional differences are virtually indiscernible. Managed services for legacy AS400 applications are far better cases for outsourced remote services.
In order for the industry to thrive, it must address the doubts of the SME, until the outages can be indemnified, there will be no major buy in from the SME. What you can't insure, you can't rely on; someone has to underwrite and price risk - even if the answer is SELF insurance.
FriendFeed is down? Please. Cry me a river.