It's genius marketing and it recalls how they introduced gmail. Instead of signing up and finding out it's not substantively different or better than other services, people will be fed a slow drip of hype and have to word-of-mouth their friends into getting an invite.
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Barriers to entry for wide use products, however small, can be inpenetrable. I've almost entirely lost interest already because I can't get in.
It's the same reason I standardized on Hotmail. I had to play an active role in getting a Gmail account and I standardized on Hotmail in the meantime.
To be fair they didn't have much success without this type of marketing though because Google Buzz exists but nobody cares about that.
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