While I appreciate the role of web based productivity documents for more broad usage, I think they are a bad choice for executive summary submissions (not a deal killer, but a bad choice).

The reason for this is pretty simple. I suspect that most VC funds have a structured filing system for keeping track of a company's information so that as the process progresses other partners at the firm can quickly get up to speed on the company. If it's on the web and it's moved or taken down after a certain point, it may slow the process down.

I recognize to some entrepreneurs this format makes them feel more in control of access to the information. While I respect that concern, if you are worried about controlling information you are probably talking to the wrong VCs - a much bigger issue.