I think you’re spot on. Easy come, easy go. But hard won users are hard to lose and in the long run they will likely sustain your business during the bad times. I remember reading an article about all the restaurants in San Francisco that were closing down earlier this year, they talked with Foreign Cinema and asked them how they’ve stayed open for over a decade. They said it was because of their loyal local customers who came in every week, not the bridge and tunnel crowd that were coming into town looking for the latest hot restaurant on the weekend. I don’t know if the analogy translates completely, but I do believe that successful products tend to have a core set of loyal users that are a big part of defining who you are and who you will be as your product grows.