The idea is not for the GP to participate in offerings of LP units as a matter of course, but to have the ability to do so if needed. The idea is to keep the powder dry in case the market can not soak up an offering of units at some time in the future, however unlikely that may be.
Have you looked at TMG? Looks like the GP's IDRs are a few years out, and there is a weird distribution supply business in the mix, but the GP should be getting nice IDRs as they sell the remaining assets to the LP over the next few years. The CFO told me his model is to look like XTXI down the road, so that's a good sign. They are tied up a bit by their debt, which has covenants preventing them from being more aggressive about selling assets to the LP and also preventing them from paying dividends, but the debt can be retired in 2007 I think.