This is a very good read - being a startup CEO who's raised a seed round after a number of delays, a lot of the points raised ring very true.
It is amazing the difference a term sheet / money in the bank makes - obvious with hindsight, but difficult to see when you're wrapped up in pitches and negotiations.
Edit: And just to reiterate a point from the article - traction makes you seem formidable like nothing else (until you have a term sheet / money)
