I agree with the point, although it's a little "all over the place".

I'm taking it as a "beware sign" for knowing what's ahead; i.e. to consider the big-picture around whatever you are building (it's very easy to get sucked into some "interesting direction" and get side-tracked; us geeks tend to do that).

To answer your question: yes, if I would be an investor, I'd also want to see the prototype/MVP, because:

- less risk taken

- 1 picture == 1000 words => demo == millions words

- you show you can execute what you wish (not getting side-tracked)

from founder point of view because:

- early adopters will help you shape your product (I just pivoted this month)