I assume they are closer to the traditional VCs in their model and not as much seed funders like Y Combinator. Is that your understanding as well Paul?
Based on the fund size they are discussing, I'd say that's a pretty good bet. For the startup community, I think that's a good thing. While competition in the seed/angel space is fine and dandy, having a VC firm headed by someone has hacker-aware as Tim O'Reilly seems like a definite win.
