IDG's Jeff Bussgang on the Exit Window

I was wondering back in November about some of the things that could make the Web 2.0 investing bubble go 'pop.'

Jeff Bussgang at IDG Ventures looks at that question again, in light of a possible combination of Microsoft and Yahoo. What'll be the impact on venture-backed start-ups, which are more often bought than taken public?

(I have to wonder whether the Microsoft take-over offer is already stalling one possible Web 2.0 deal -- Yahoo's rumored acquisition of Maven Networks.)