Brett, I've seen participation and preference multiples in term sheets from Tier 1 investors. It all depends on the deal, the stage, and the environment. It's definitely not a bad sign for an entrepreneur, it's just all dependent on what kind of market you're in and what the demand for the deal is from other investors. Having said this, participation was classicly an "east coast" deal term so you'd probably still expect to see it more from new york/boston investors than from west coast investors. I think that's still accurate.