Typically what you'd do for a commercial game is put up a teaser site possibly with forums once you're past the concept stage and are far enough into development that it's worth getting some people excited about what you're doing. Some nice eyecandy, some basic info about your game, but nothing particularly elaborate. Think of it as a brochureware site, optionally backed by forums.
If you release the site too soon you risk exciting potential players and then letting them down with the long delay between site release and your alpha or beta period. If you release the site too late, you miss out on the potential to build the excitement of your potential starting playerbase. Kind of a judgement call.
Whatever you do though, you do not want to release a crappy looking site. First impressions are hard to overcome.
--matt
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