The title of this .pdf article is a bit misleading - it does include a sample VC term sheet (which is very useful) but it doesn't give any kind of in-depth explanation of its sections. Also, the term sheet comes at the end of the document.

Editor's Note: the beginning includes an overview of the VC process. Although it's a good overview, you can get the exact same info plus some in a different document found at:
http://www.netpreneur.org/funding/VC_Report.pdf

An excellent .pdf document looking at the history, process, and particulars of the venture capital world. Written for the benefit of entrepreneurs seeking VC funding, so as you would expect it offers very practical advice for how to deal with VCs.