My response whenever I hear the "life style" label is to ask who's life style are we talking about? For me, the only difference is that in the traditional VC startup case it is the life style of the VCs that is being enhanced.
Thus they do not hedge your financial risk they increase your risk.
VC only makes sense if you are bound and determined to make a billion dollar, or at least 100 million dollar company.
They do not give you access to networks IP or make things happen, they give you money and then they double dip on the backend.
The romanticized view of VCs present on this site is not reflective of reality... or my nearly 30 years of dealign with them.