I work at the VC that invested in AirWatch last year. We're happy with the investment given that it was a relatively quick and clean exit given our typical 3-5+ year exit timeline.
I gather when it's that fast and that big, you might not need that 10x multiple.
But yeah, I do get what you're saying about having capital that isn't properly invested = loss of potential gains... I guess. Very first-world problem though :)