This is kind of funny. I was quoted on page 12 of a slideshow produced by the VC group North Venture Partners. I think what's most amazing to me is that people still have time to write all of this stuff. I'm thankful somebody is doing it and I hope that somebody also follows my call for a Walmart approach to VC.
Being that it's a Web 2.0 world, I would be more inclined to see something along the lines of Prosper.com but instead of loans and lenders, this would be for shares and investors. The only truly necessary thing to do on a custom-basis would be to have audited books. Everything else could be automated including the legal forms, escrow, etc... For the most part, Prosper.com has already done much of the heavy lifting.
The company that does this would make money by charging a percentage of the investment. Because investments would be done on a bidding basis, going around the system would be extremely difficult and not efficient. Minimum bids would be really low (i.e. $100) in order to get traction. All businesses would have to have a C Corp set up - the site could even force that C Corp to be a Delaware corp for consistency. The thing I've noticed is that people just want to be told what to do - they don't want alot of custom choices.
The one choice that might need to exist is whether the investment should be East Coast style or West Coast. That option would probably introduce enough complexity for the VC groups to justify charging their investors for their services :-)