My point is that Color Labs was obviously a dud when it was funded by Sequoia[1] -- and that it almost certainly satisfied none or nearly none of Sequoia's own putative criteria. They are certainly entitled to their duds -- but when they are of Color's magnitude, it makes it a little hard to endure their sanctimoniousness around building sustainable businesses.
[1] http://news.ycombinator.com/item?id=2364463