Hedge funds for the rest of us?

Just a quick post tonight: what do you think of the concept of hedge funds for “the rest of us?”

http://www.cnbc.com/id/100858768

Even though the one cited here is forgoing their usual 20% take on all profits and offers daily liquidity, why would put your money with a type of investment (hedge funds) that have underperformed most index (passive funds you can by yourself) over this most recent upward tear in the stock market?

I am not a fan – thoughts?