Both Fred and John think the web market is overvalued (volatility coming?). Fred dissed Apple's mobile platform (vs. Android), Google and Facebook as well! John Heilemann brought up that Fred said "Facebook is a photo sharing site with some chat attached". Fred responded:
"Look, I said that to be controversial. And the reason I said that is that people think that Facebook is this unstoppable juggernaut. It's not an unstoppable juggernaut. It's a very powerful company. I think it's the biggest and strongest executing company on the web right now. But people want to do more than what they can do on Facebook. They're not going to take over the web, they're not going to take over the world. And what a lot of people like to do on Facebook is go share photos with their friends and talk to their friends. And there's a lot of other things that we can do on the web, and will do on the web that we're not going to do on Facebook."
Source: O'Reilly Media 2010 Web 2.0 Summit
KPCB's sFund announcement featured Amazon's CEO Jeff Bezos, Mark Zuckerberg and Zynga's CEO Mark Pincus.