Culmus, re: "...you got to ask yourself what IP actually is worth if it can't be turned into hard dollars on the balance sheet."
You'll get no quarrel from me about this. The key, imho, is time. Eventually, the IP should return earnings, but young companies (particularly techs) need a long period to first build, and then exploit, the IP.
The usefulness of Zeev's measure is, imho, (oops, edit:) in direct proportion to the age of the industry of the participant.and in inverse proportion to the potential dominance of the unvalued IP,
regards,
phill
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