Lots of new people in this space lately: AngelList via SecondMarket, FundersClub, MicroVentures.

I have an investment in a seed fund run by a prominent angel, so I have some insight into recent valuations. I get the feeling that these online investors are getting inferior terms. For example, convertible debt usually comes with a conversion discount and a cap, but the deals I've seen on FundersClub have been missing one or both.