My personal thoughts are that the greatest near term impact we'll see is in angel investment $$ in seed rounds. At least here on the East Coast there has been a boom of relatively unsophisticated Angels driven by hype. It is these individuals that, in my mind, will react more emotionally to a poorly performing Facebook IPO.

Not that one shouldn't be concerned about the broader venture market, but I'm a little less worried about the institutional money than I am about the Angels disappearing.