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I think you're right on track with this. It reminds me of a report about a year ago that discovered that online sales have gone up, not because there are more people on the web, but because the same group of people are buying more online.
I've noticed that other sites like bizSugar have become a sort of blog dump. That is, bloggers keep dumping their articles on there, but it doesn't appear that it's attracting new readers.
I'm hoping that doesn't happen with this site. I actually like the fact that articles trickle in instead of flooding the site so fast that people can't keep up. I hope that submissions pick up, but only at a rate that's in proportion to the number of new visitors.