I was talking about from a design perspective... I think that's obvious given the topic of the post, but I suppose I could clarify it. Jeeez. Nitpick much?
Brand development is still deadly important. No one is going to use your site if they can't remember it. If your competitors are on par with you feature-wise, the one with the stronger brand is going to win.
That being said, if your opponents aren't on par with you feature-wise, well...