An invite-only strategy might actually backfire and make the site even hotter (see gmail, etc), although it will be interesting if the feature only turns on at certain times/due to certain conditions.
* See link to HN somewhere, follow it
* Sign up, post some lame comments, never come back.
So my thought was just adding some sort of barrier to sign up, to deter some of the people who only want to sign up so they can post a pun or some other non-HN worthy comment.
(NB. This is only a hypothesis, I don't know how many people sign up post a few lame comments and never return).
I thought about this a while back - a big negative to it would be that if someone sees traffic coming from HN and comes to sign up and answer questions and feedback in the comments. I've seen lots of great first comments after signing up by people who had their content reached.
A similar idea would a hard limit on comments for new people for the first day? 3 or 5 perhaps?