The (in the time since I’ve discovered him, anyway) very provocative Jason Calacanis on why he isn’t taking taking VC money:

• he doesn’t need it
• VCs think their money is more important then you giving up your life
• VCs are betting with OPM [other people's money] 90% of the time
• VCs are hunting for one EBAY in 20 companies, not 20 respectable, medium-sized companies
• VCs have no problem shutting down your company
• Most entrepreneurs get three swings, most VCs get 30