Jeff, from SAP Ventures, has recently written an interesting post: Pick Your VC Carefully. A number of BlogoVCs have made reference and added interesting comments to it (Ed, Brad, Fred, Marc, Stephen).
I would tend to agree with most of Jeff’s points, and they are certainly very valid for entrepreneurs to be aware of. The issue of alignment across investors (or lack thereof) is typically a critical problem that has sunk companies that might have had a chance to survive otherwise. However, when I read this post, I had to think a couple of times "Yeah right, that is true but only if have the luxury of picking your VC".