What do VC's think of business plans?

Guy Kawasaki has a cynical view of most business plans he receives.

In The Zen of Business Plans he offers 9 steps in writing a useful plan. The main theme is that the plan should be written as the end of a focussed planning process rather than at the beginning when it is unfocussed and too long.

I have previously written about business planning here and here.

This link to the Berkley Business Plan Competition has some helpful presentation downloads.