TBH, smaller communities with more engagement is better IMO. If you don't get in early there's no chance to do more than passively comment and get no reply. If I'm going to engage in conversation I'd like at least a little back and forth. Where the lack of volume really is felt is in niche subjects
Dunno where I'm going with this, but your point is valid. I just kinda like the small web feel. Reminds me of early Internet days