No. They're still in beta and don't even have the servers set up yet. They can't handle the number of people that want to get in yet.
So, they created the waiting list and every day they tell the computer a number and that number gets invites.
On the news blog, they posted that about a week after they get the servers set up, they're going to invite a bulk of 5000. After that, they'll see how it goes. At which point they may invite another bulk, or they'll be out of beta and open to the public.
They've only been working on this for 4 months, and only 1 (or so) both of them full time. It's just a knitter and a programmer.