In that sense, it puts the syndicate organizers in the same boat as the investors. As you point out, VCs can get quite comfortable off management fees without making investors a dime.
I am in the hedge fund industry, so I see this first hand.
The media loves the "2&20" phrase, but fund managers now proffer lower and lower management fees in order to close funds.
Most of the top hedge funds charge 1.50% today, and newer funds bear lower management fees.