Some wise words from Reid Hoffman, co-founder of LinkedIn:
“If you’re not embarrassed by your first product release, you’ve released too late.”
“Getting engagement with members and seeing what is actually important is completely key… So you get out the minimum viable product as soon as you can.”
I think this especially applies to open source projects where having a great idea with a promising start encourages thempeople to contribute and participate. Something that's so polished it makes you needput on your sunglasses might not evoke such feelings. But the most important thing about releasing early is to shatter all your preconceptions about what should be done and start moving in the right direction.