When is the right time to release the product?

Most people have said that releasing the product as early possible is more important than getting it right. But how early should you release it? Sometimes user won't come back and won't consider to give any feedback about your product because there is not enough features about your product, but on the other hand if you wait until all of the features is ready in the end all of those features might not be what user wants. When is the right moment/time to release the product? Is there any more criterias/points to consider when releasing your product as early as possible? What is the point that you feel it is the right time to release it?

Release it when your product can prove it's core value to one market . As soon as you start using the word "AND" to describe the market, you have tried to do too much.

An example: YouTube.
The deepest core value of YouTube is upload video -> watch it online through browser. That complete the cycle from start to end for one market, people who want to share their own video to friends.

Things like various encoding, tagging, browsing related videos, comments are all "nice to have" and you can do it later.

Watch this video about: Brutal Focus from Pollenizer's Mick Liubinskas. He did a great job explaining this stuff.

One more thing, don't confuse release with launch. Release is just to let the product out and believe me, you would be lucky if you can have 1000 people trying it. Launch is when you hit major publications etc. You can release many times, but you usually can only launch once. You better piss 100 people off with your unfinished product once at a time, rather than, 10000 at once when you launch.

Hope that helps.