You might think so. But coding is the easiest part of what they need to do. Not only do they need to figure out exactly what feature set they need to implement, they need to have a plan to steal facebook users, a way of scaling up, and a counter-response to any response that facebook might attempt. This can't be a release-and-refine job -- their first version will launch with some media fanfare and unless it rapidly gains momentum it will fail.

Writing some code isn't the first step here any more than "fire some bullets" is the first step towards invading a country.

Given how much money they've taken in, I think "Get organized" (i.e., some combination of 1,2 and 4 on the blog) probably needs to go before code.

As much money as they received brings its own responsibilities. They already have too much to just write something and then see what happens.