agoric

I've heard of more capped valuations for convertible debt with negotiable interest and discount rates (and no warrant coverage), but also seen some angels openly demanding priced rounds. Are such capped convertible notes a good middle ground for debt that works like equity? Have you seen any that provide an alternative conversion if no priced round follows?

What are the prevailing terms for angel deals you've seen recently, and what do you consider to be "market" right now?