You also need to figure in the propensity for drama among the core furry set. Part of this does manifest as the 'loyalty' you mention, certainly, but perhaps more importantly is that Dragoneer himself seems to be liked by a large contingent of his userbase. Sure, a large part of that is the same sort of cult-of-personality that all 'furry celebs' have (most notably our good buddy Doc Conway), but as noted, he's -just- murrypurry enough to keep the place running without being offensive to / offended by that core furry userbase.
If, to quote a lame internet meme, A CHALLENGER APPEARS!, I believe what would take the highest precedence among that core furry userbase is not functionality, not usability, not features, not security, none of that practical sort of junk. What would matter the most, is who. Who built it? Who's running it? Who are the moderators/staffers?
I mean, christ, given a long weekend and enough alcohol, Pi and I could probably shit out a web-two-point-oh compliant alternative to FA with twice the featureset for quite likely less than half the cost. (After all, when you have people who know what the hell they are doing, you don't spend $16k on a ton of unneeded hardware.) Would anyone use it if they knew we built it? I'm thinking probably not. Even if FA were to go down, any alternative that popped up in its place would face the same sort of scrutiny: Who is in charge, are they beloved within the fandom, and - most importantly - what do the popular people think of them. Conversely, if Sam Conway and '2' put their names behind a project that combined VCL's image gallery with a shitty PHPBB forum and declared itself 'The New FA', you know damn well people would flock to it in droves.
Which is downright hilarious, I think.