Henry, your comment is fair, but sadly the fundamental proposition of Groupon is sadly wrong.. as I eluded to in the previous private tweets via @GarethWong (a real negative of tweets due to it focuses on real time mainly, does it get archived anywhere!?)
but I did finally blogged it as comments on @pedHub here: http://garethcxo.blogspot.com/2010/12/my-response-prediction-pehub-depressing.html
In short, yes, by all means give Groupon (& other startup) time, but since it is so easily emulated and it mainly rely on 'next deal' (& not return business from vendors' PoV), very much like a bottom feeding investment banking model.. which any investment banks can tell you it does not and will not work. Look at the all the deaths of multitudes of 'boutique' advisory/research firms that spring up after the credit crunch.. most lucky ones have returned to work in big banks now.
however though, this is not to say people cannot make money from this uncertainty and 'money making opportunity' of Groupon listing.. I would say for certain that VCs that already has a piece to the investment banks that are advising, to the really savvy investors who can buy and sell 'soon enough'... sadly though, there will be quite a bit of tears going forward when the IPO comes though. that is my gut feel and I hope I will be wrong in this one.
Good luck to you all.
@GarethWong
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