Here's my quick take:
The medtech-oriented VCs may be a lost cause. They are used to stupidly high valuations and stupidly long startup times because of FDA and HIPPA compliance, so they have heavy-duty diligence that's not so QS-friendly.
All VCs are skittish when it comes to any hardware play for consumers. The risk/reward is kind of broken. Zeo did it, and Basis eventually did, but I've never before in my career had 5+ meetings with each of a half-dozen tier 1 VCs without a term sheet resulting. VCs are very good at saying "no" quickly, but for a consumer hardware play they never would say no, they just wouldn't ever say yes. It was more exhausting that raising funds for a typical tech company. There were other issues - team and valuation - that made that deal much harder to close. I wrote more about the decision making process here in my blog.
So all the VCs seem to want is a software play that uses social gaming methods with consumer health data - as long as they don't have to invest in a device. The closest thing to crack to a VC is a cheap to start cloud-based social gaming play with costs that scale only with revenue.
From my perspective, this is a problem - we'll get way too many QS data visualization startups and nowhere near enough data gathering devices. And I watched first-hand what applying social gaming techniques to QS data does when you don't understand how a system works. Motivating someone to burn 3 calories instead of 1 calorie does nothing for health and is just a distraction, yet that seems to be the direction of some companies.
The real money is to be made in knowing what to do with QS data. I want to share my data with a reputation-ranked algorithm that I pay to access in order to get the algorithm owner's view of my data. Then, you aren't reliant on startups using your data to tell you to do the wrong things...if you don't like what you hear, you choose another algorithm provider who "gets it" more than some hardware manufacturer using social gaming to encourage you to "check in" instead of doing something actually healthy!