Out of anyone I've met personally in NYC, Rap Genius dudes seem by far the smartest investment. Hard to make sweeping calls like that until you see numbers, meet the founders, and hear about the vision.
Make no mistake about it, I believe AH and the unrealistic valuations they have imposed upon the sector is bad for tech in the medium and long term.
As far as their high early returns go, one could argue any growing fund (be it VC, PE, or HF) has high early returns. It's called survivorship bias.
As for the Skype exit, these sales may become much more difficult with the impending tax reform. Companies will be under a lot of pressure to pay out big dividends in 2012, rather than risk higher taxes in 2013. Reducing the tech sectors internal cash hoards could put a lid of exit prices paid by GOOG,MSFT,AMZN,AAPL,CSCO (and other giants).
The flip side of less cash in corporate coffers means more cash in investor hands that could be put to work in the IPO market. Now if we can only IPO solid companies at reasonable valuations, there is some long term hope to avoid boom/bust.