I agree 100% with this sentiment. fab.com, one kings lane, gilt.com etc. I don't know if I want to join your site and/or be a customer until after I've had a chance to see what you have to offer. I did register with one kings lane but haven't found much of anything I would actually buy. Then I got their daily marketing email which I didn't want and became even less likely to be a customer.
I don't understand why increasing the barriers to potential customers is in fashion right now with shopping sites. Anyone can sign up, they aren't exactly exclusive clubs.