Interesting spin on the VC pitch at Venture Hacks by Eric Ries, a founder of IMVU and an advisor to Kleiner Perkins (He’s also a really nice and modest guy!):
Summary: Pitches usually fail because they answer the wrong questions. The right questions depend on the stage of your business—for example, some businesses are just getting started with an idea, while others are printing money. Focus your pitch on the key questions for your stage and if you keep getting non-key questions, something is wrong with your pitch. This post includes a hierarchy that you can use to classify your business and the key questions for each stage in the hierarchy.
Digital Ventures 
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