I think this only works when people are willing to cancel unnecessary meetings. It's reasonable to calendar a BoD meeting every 4 or 6 weeks for a startup, but ~20% turn out to be unnecessary as the date approaches. If the group won't cancel the gratuitous and purely habitual of the scheduled meetings, email becomes appropriate.

I've been saying "low-cap" in my posts for a few weeks, and it feels right. I think the capital=caffeine metaphor holds and is reasonably intuitive. No-Cap, Low-Cap, Half-Cap, et al. It's also not insulting to any party and is exactly the reason why a VC wouldn't want to participate.