I've been waiting for the community layer as well for a long time now. I think it's really something that Steemit is missing. Although SMT's will definitely be a huge hit and it will drive the price of STEEM up, we still need communities to make it more fun to be here, you know? Look at Reddit, if it didn't have Subreddits, would it be successful? Or even fun to use? We seriously need communities here, because there are more and more new users coming in and the amount of content posted in the New category is crazy. You basically can't find anything worth reading there.
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Communities will have large imbalances in terms of Steem power, so the Community feature is a decisive move that shouldn't be taken lightly.
As hard as it currently is for most to attract any legitimate upvotes with monetary value, creating walled gardens within steemit will only make it harder for minnows to grow.