"It's getting late in the game," said one investor who makes it a practice to get in — and leave — early. "The SEC's job is to protect investors," he said. "There's a lot of slop out there."

It's hard to talk about specifics. All of those who offer their opinion about the Commission's review are instructed by the SEC to observe a quiet period before the issues for fear they might be seen to be hyping their stock. But many of those with offerings on hand, particularly those who have taken companies public in the past, say they came in for some tougher, more specific, questioning this time around.

A review that used to take about a month now takes as long a three months. Questions from the government are more numerous and more detail-oriented, according to those going through the process.

"It's like any change — it's a little bit painful," said one CEO who's about to go out into the public market.

SEC Chairman Arthur Levitt voiced his concern about what he called premature IPOs last month, worrying that investors — and employees — looking for big returns at the expense of business fundamentals. But a commission spokesman said the SEC is not focusing in particularly on high-tech or .com stocks.

"We've always been kind of tight around here," he joked. The commission's goal of returning initial filings within 30 days of their submission is largely on track, he said.

In Silicon Valley, they understand — maybe better than they like to let on — what's happening. They don't think it's a coincidence that Levitt's warning comes at the same time Federal Reserve Chairman Alan Greenspan is trying to cool the tech stock market.

If there's a problem with an offering — and almost everyone thinks there will be — the commission is looking to make sure it doesn't bear the full blame for the fiasco.

"Everyone's going to look at the SEC and say, �You let that thing go through?'" said the CEO.