Your perspective is that Super Angels are basically taking the place of VCs for certain scale of funding, which was previously not very popular (100k-1m range).
1. It's a hard economy in general, which is suppressing IPOs overall.
2. The IPOs that the tech community are "used" to were during artificially high periods, setting the watermark at levels that realistically, not many companies can touch.
Addressing your point about copycatting, I think that there will always be competition abroad and it will be successful, but not nearly as successful as the original idea. There are countless Groupon clones out there, but only 1 has earned a $1.2b valuation. Further, I think that an integral part of the nebulous equation that makes a successful startup is the founder/team. Getting the right people behind the right idea is absolutely crucial, and if you don't have the right people, it will almost always fail.
I think that Super Angels are offering startups a metaphorical stepping stone where previously, financing was tough. As the niche grows, however, I think that the stepping stone will start looking more like its own plateau.