The secret vs stealthy thing is a bit of a making-a-mountain-out-of-a-mole-hill situation. Entrepreneurs aren't lied to; they're more protected from signalling risks; VCs still get to deploy capital (ahem "spray and pray") and angels get to feel important. Everyone gets what they want. As to the would-be-Series A-crunchees- they know the rules and have only themselves to blame if they don't keep enough tank in the gas to get to the next milestone (e.g. $2-4m ARR run-rate for a SaaS company Series A).
What do you think? Please comment below.