You might be right that big VC will take the biggest hit, but from what I can tell, a large part of the market for $100K investments exists precisely because you have so many individuals who have done well in the Fed-inflated stock market.

When the number of people with $100,000 to throw at twenty-something founders fresh out of college drops and/or interest rates rise to the point where you can eventually get a 5-year FDIC-insured CD yielding as much as investment grade corporate debt in 2012, the impact on the angel market might not be insignificant.