I hve exactly zero experience wiith VCs, but I do know that there's (almost) no such thing as free money. The 'venture' part of 'venture capitalist' means that there's some effort to make make money. In general, this money is made by financing a promising business idea that needs a jump start. While money is always good, Cameron Reilly said it best "VC money comes with an agenda and it might not be the same as yours".
PodcastNYC has a pretty decent article about how he (?) feels that the podcasting services that are VC funded are turning podcasting into the exact opposite thing that it's supposed to be.
Podcast subscribers (and potential subscribers) are also hurt because the connection between the subscriber and the individual podcaster is castrated. People think they are getting content from PodShow, Odeo and iTunes so they fail to interact on a meaningful level with the podcast producer.
It's the individual connection between the producer and the subscriber that makes podcasts different from other forms of media. So diminishing that ability diminishes the medium as a whole.
There's a lot of stuff in the post that I don't necessarily agree with, but there are some good points (like the one above) as well.