Open source vs SaaS: how would you launch a product after 2 years of development?

We've spent almost two years building an e-commerce platform, and we're now facing a decision that I think many founders eventually run into.

Do we keep it closed-source and build a hosted SaaS business around it, or open-source the platform and try to build a community around it?

A third option we're considering is somewhere in between: open-source the core, but offer a managed cloud version for companies that don't want to host and maintain it themselves.

The technical side of the project is well underway. What we're struggling with is choosing the right distribution and business model before launching.

For founders who have gone through this decision:

• Did open-sourcing your product actually help with adoption and distribution?

• Did you get meaningful community contributions, or did it mostly create more maintenance?

• How did you decide what to keep open source and what to monetize?

• Looking back, would you make the same decision again?

I'd especially love to hear from people who have actually tried either model. What worked, what didn't, and what would you do differently today?