Venture Capital is a lot about pattern recognition; in finding good opportunities, in managing them, and in exiting them.
So when I say, "I've seen this movie before", something I've apparently said quite a few times on my personal weblog in the past 2+ years, it means my brain has entered pattern recognition mode.
Some movies have happy endings, some have endings you don't want to watch. I've seen both.
When you've seen the movie before and the ending was a good one, it's a great feeling. You know you are on to something that's going to work out well.
When you've seen the movie before and the ending was bad, it's a terrible feeling. You do everything you can so that you don't have to see it again.
Of course, not every movie ends the same way every time (except in the movie businesss). Pattern recognition will only do so much for you. But pattern recognition is as good a tool as I have in my bag to try and predict the future.
So if you are in a meeting with me (or anyone else who uses this cliche) and you hear, "I've seen this movie before", make sure you ask how the ending was.