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You really have to love every single bit of what you do. The moment that you do something that makes you feel queasy to your stomach, the company dies.
The Google Voice service is a lifesaver for me. My actual phone number changes a lot, so having a canonical Google Voice number that doesn't change - it's actually my same number from high school - is indispensable.
You don't need to know someone personally to be able to discern whether their work is high quality or not. The idea of a meritocracy is that it's what they do, not who they are.
With Akismet, there was an interesting dilemma. Is it for the good of the world Akismet being secret and being more effective against spammers, versus it being open and less effective?
Basically, if you believe in Moore's Law, and you believe that hosting is going to become more and more commoditized over time, not being a host is a good idea.
When there's no one you can point to, or when something goes wrong, it's your fault - that level of responsibility and accountability is pretty interesting.
The idea of having no responsibilities except general edification seems like such a luxury now. When I had it, all I wanted to do was hack around on the Web. Now the vast majority of my hours are hacking around on the Web.