IPOs will continue to remain the preferred liquidity event until there is a better vehicle for fast-growing companies, particularly those who are growing fast but are not throwing off cash.

The spirit of going public has always been better liquidity, more transparency, and access to cheaper capital. That spirit hasn't changed so much as been polluted a bit by SarBox and short-sighted board members and investors. The solution isn't to stop going public; it's to fix SarBox and choose your board more wisely.