Those "last-sucker-in-line-investors" could have also invested in LinkedIn [1] and Zillow [2], both of which have done reasonably well after their IPO.

Easy to pick a company to use to reinforce a message (37 Signals would have made a better case against non tech company GM [3], which had hype and government assistance and is still on the way down)

[1] http://finance.yahoo.com/q/bc?s=LNKD+Basic+Chart&t=2y

[2] http://finance.yahoo.com/q/bc?s=Z+Basic+Chart&t=2y

[3] http://finance.yahoo.com/q/bc?s=GM+Basic+Chart&t=2y

* edited for formatting