I'm sorry, after having just completed the Pinterest signup process myself I can't agree.
There's nothing extraordinary about their signup/login process.
I was pleased to see that they didn't ask me to log back in after signing up though.<p>Sidenote, a waiting list (for me it was overnight) lets the website leave my brain for 24 hours, then reappear via email (likely solidifying the name in my memory at that point). But it also allows them to do email verification in a nice way, without making it feel like a chore to me.