Ever wonder why there are not 100 different exchanges out there providing services to the equities/options/bond markets??? Simple, it's fairly costly and complicated to 1) meet regulatory requirements, 2) achieve a level of liquidity/transaction volume to make the exchange viable, and 3) take business away from the incumbents...

moreover, as soon as you attach the word 'exchange' to your service you immediately set an expectation in the consumers mind that you will provide a similar level of service/liquidity as that which they would receive if they were working with a real exchange operator.

coinbase currently lists a team which has zero experience in the exchange operations world. the closest they come is a guy who did some foreign exchange trading at GS.

net-net they have a looooooong way to go to get to being a viable exchange in the traditional sense of the word. and that's before you get to the whole topic of whether or not bitcoin is really something that will be a viable exchange model asset. that has yet to be tested outside of a very, very small base (relatively) of ecosystem participants..