Sorry for stating the obvious, but if there are no fees where do you have your income?
Painting the tape, front running, and insider trading of course!
That's a bit ... harsh, considering we've all been trading on real scam sites such as MtGox, Bitcoinica etc. And it's been possible to make a crazy ROI on that.
If you're trading super short swings, with leverage, on an unregulated exchange, you really can't complain much. But if you take a longer view, front running doesn't matter much. Where are we going in a week? In a month? There's still money to be made.
I do appreciate that Bitfinex gets a bit of a competition in this space.