What we're seeing is that growth is able to happen in spite of the frothy VC environment, not because of it. So if it is possible, then why would you have to seek funding? If you think getting VC money is good because you should get VC funding (or because getting some will get you press in TechCrunch) then you're thinking about it all wrong.
You should seek VC money if you need the money (with a very serious definition of "need"). If you don't, why would you:
* Have a boss (outside of your customers)
* Give up a board seat
* Give up control of your company (and possibly eventually a majority of that control)
If you need enough money that doing the above 3 things is less painful than basically your business dying, then yes, you should seek funding. Actually I want to emphasize the "less painful" part. Don't read this as "if your business will die otherwise, seek funding."
Sometimes you should let a business die. If family is important to you and raising VC money and working even harder to keep someone else happy will possibly end your marriage, and ending your marriage is more painful than keeping this startup alive, you should probably let the startup die.
And that's okay!
What matters is you seek VC money for a very specific reason, and it is vital for you and your business for the right reasons.