Say all that you want: but Facebook has lost so much of its glitter in the past year, and I think Twitter will undergo the same (some would say it’s already begun).  Today, Facebook can’t raise a penny over $3B, last year a lot of people (in addition to MSFT) didn’t blink at the $15B paper value.  Yes, a lot has changed in the economic landscape, but I’d argue the meltdown in traditional industries has accelerated the rise of digital and interactive.

VCs have began to complain about many things (Sarbanes Oxley, banker fees, etc.) to explain their lacklustre record of late, but I think it boils down to their carpet bombing approach to backing the latest it thing, hoping for a quick flip to the greater fool.

I’d like to see VCs get back to backing great people and big ideas… today it’s Twitter API derivatives and iPhone apps?

Give me a freaking break.  What ever happened to Built to Last?