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The "summer slowdown" as it applies to this business is a myth. Before the internet became a household word (say pre-1995/96) there was a noticable summer slowdown on irc and usenet. This was largely due to that fact that most of the denizens of the net at that time were university students who didn't have internet access at home. These days students make up a much smaller percentage of internet users and most of them have internet access at home.
Blaming poor traffic/signups/retention on the summer slowdown is just a way of not taking responsiblity for the performance of your sites/traffic.
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"Every normal man must be tempted, at times, to spit on his hands, hoist the black flag, and begin slitting throats."
--H.L. Mencken
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