I think you're right this will be a mixed blessing. There will be companies desperate to raise money, and when a "million bucks of funding" is at stake some companies will spend a lot of time and energy creating noise and spam. In fact you might find that the companies who are making great progress spend less time promoting themselves, because they're busy kicking ass. (We've already seen behaviors similar to that at Wefunder.)

My hope is that the noise most people hear will be like my experience with Kickstarter: I only hear about the projects that are up-and-coming and have merit.