Draper Fisher Jurvetson has led a $12 million investment round in Redfin, the Seattle-based online real-estate broker. But what does it say that Tim Draper and Steve Jurvetson, the venture capitalists behind such early Internet hits as Overture and Hotmail, have delegated new Web discoveries to junior partners in their firm? Emily Melton, a Stanford MBA with no big hits to her name, is joining Redfin's board, having "monitor[ed] Redfin's progress since early 2006," according to a company press release. Here's what that tells me about what investors really think.