Is it common in the valley for VC discussions to just go stone cold of they for some reason they decide they no longer are interested? What sort of courtesy do most large VC's have at the we're no longer into you point?
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Really depends on the VC - some of them are very courteous, others downright psychopathic - but radio silence is not unusual. As much practice as most VCs have had saying no it can still be hard, particularly after lengthy discussions, so sometimes they don't say anything.
If you say "no", it's hard to come back and say "yes" if the company turns out to be hot.
I agree pbiggar. This rule applies to any business transaction. "No" is terminal, "silence" is not. Why say "no" and terminate a discussion when they can drag it on for as long as they want by saying nothing? I see it all the time in normal everyday business.
I think it varies depending on the VC firm, but the impression I've gotten (I haven't actually gotten to the VC round with my company, so this is all second hand from talking with VCs and other entrepreneurs) is that the radio silence scenario is far from atypical.