I agree and disagree. HN is not massive, but it is a force.
HN can be one scary angry mob which is nice to be backed by, but horrible to be on the end of. Remember the Aria Richards debacle which was heightened by this community. Just one of many. (That wasn't my intention by the way and everyone's been pretty calm.)
HN's readership wields significant influence in SV/SF tech, both collectively and individually. Check your server logs, I bet you got hits from inside Tumblr's IP block almost the instant it hit the front page, along with virtually every other tech company, whose employees and even executives were glowering at their friends (and former and future colleagues) at Tumblr.
To use the indelicate phrasing of my first manager, bay area tech is highly incestuous.
HN can be one scary angry mob which is nice to be backed by, but horrible to be on the end of. Remember the Aria Richards debacle which was heightened by this community. Just one of many. (That wasn't my intention by the way and everyone's been pretty calm.)
The HN effect is a strange one. :)