Cut it in Half

When you are building a website or app you should always be looking at how to cut out as many features as possible.  It isn't what features you put in, it is about what features you choose not to implement.  You see this mantra in how Apple has designed their great products (iOS, iPhone, iPad). As I've mentioned before, the scope of your project is the thing that you can most often control (compared to time and resources).  

A smaller set of features really helps you with multiple things.
1.  Keeps your development team focused.  This produces higher quality features and design.
2.  Easier for your customers to understand and use.  Most users don't use most of the features.   Build the features they would use at a very high quality. Simplicity of feature, simplicity of design.  Whitespace is your friend.
3.  Your go-to-market time is much less.  And you can then quickly see the response to that core set of features and make decisions on what you need to improve or add.  

37 signals has a good comment on this in their "Getting Real" book.  It says:

Stick to what's truly essential. Good ideas can be tabled. Take whatever you think your product should be and cut it in half. Pare features down until you're left with only the most essential ones. Then do it again.

I agree with this.  Look at your list and cut, cut, cut.  Call it whatever you like:  Minimal Viable Product, Phase 1, Core Features,  whatever.  Cut it down to the essentials.