If you have a web page such as YouTube or Mojvideo, where the sole reason for a pages success is user generated content and the quantity (and quality off course) of it, it’s easy to forget about the users who don’t contribute to the content of the page. We (at Popcom) spent most of the time developing and improving features for registered users, which isn’t bad per se, but unregistered users (who account for the majority of visitors) usually don’t gain anything from that. Mostly because you have to be signed in to see the new feature. The problem is that usually there is no easy or unobtrusive way to advertise that feature to unregistered users.
So, the goal of any page maintainer should be to evenly spread his time between developing features for registered and unregistered users. The real trick is, off course, making some feature for unregistered users which will convert them into registered users.