David Cowan of Bessemer has written a post titled Control Roulette. Among the gems in it:
Crafting the right board of directors has nothing to do with legal structure, and everything to do with getting the right people in the room.
the ideal board of directors has 5 members–a nice, small odd number that allows for multiple skill sets without losing anyone’s attention or complicating communications.
The key to succesful board composition is skill set mix, a strong chair, and accountability. Boards that meet informally, without minutes (which provide a common reference point for future dialog), are a disaster waiting to happen, whether your point of view is that of the entrepreneur or the investor.