"picked off fast" is perhaps a bit generous - there are lots of great companies that got to series A without seeing a single "top VC" term sheet. I see angel investing as a way to connect with new founders that have a lot of potential, and help them accelerate their path to a billion dollar valuation.

For an interesting middle ground, I'd recommend one of our investors, https://fundersclub.com - they let you get in early on YC deals as an individual, and stay connected / give advice to companies you end up being an LP in