Having worked at an a16z/NEA/Greylock venture from B round, a Sutter Hill venture from B round, and a 2nd-tier venture from B round, I can say it's all just lottery tickets. Only the 2nd tier paid out, there was no benefit measurable from "top-tier" VCs, they aren't any better at sniffing out bad management than anyone else.
1-in-20 odds from the article is better than 1:275MM odds from Powerball, but Powerball is a lot cheaper to play too.