Patience pays for VCs too. It was my understanding that many quick sell outs were a result of VC pressure. MySpace former ceo, for example, filed a lawsuit against its investors (VantagePoint) for pressuring them into sell out for a quick $580 million. VCs are much like shareholders in corporations; they often vote for a buyout or merger if a corporate raider, like Carl Icahn, promises quick short term dividents. The way I see it, a founder is more likely to stick to their company than an investor whose only interest is cash.
completely off topic, but here are Fred Wilson's top CD picks for 2006:
http://www.squidoo.com/fredsmusic/
(If you read his blog, you know that it's half music and half venture capital stuff)