Joel Spolsky has some insightful things to say about venture capital, caveats to entrepreneurs. It's easy to read the article as just saying "VC is evil" but I think it is more subtle. Good information for naive technologists. Be sure to read the response from a VC blog, too.
One thing that was frustrating when I started my company was how little information there was about the VC industry. I had a few friends, colleagues, and angels who gave good advice. But there was a shortage of open conversation. Maybe blogs will open that up; Venture Blog, from some of the folks at August Capital, is remarkably frank.
As seen on Venture Blog