Dotcommers often found themselves spending more effort on presentations than real work. It got to the point where the aesthetics seemed to matter more than the message. Now that start- up turkeys are coming home to roost, so has the realization that PowerPoint promoted form over substance, speed over specifics. Common sense and the diligence normally employed in the investment process bit the dust. PowerPoint was the right tool for the time, useful for delivering the essence of a message without the messy details.
Common sense is popular again.
I know of some VC's who have developed almost an allergic reaction to PowerPoint. They now ban it during initial meetings. Personally, I still ask for a 15-slide pitch in talks with the management team of a company seeking capital. But now I make sure they know in advance that the sizzle is not the only thing that counts. Their presentation was entertaining but unilluminative.