There are many benefits to either direction and I'm going to explain how I feel as long as I possibly can before my thoughts derail.
I've been browsing your site since at least 2006, coming and going for the music, movies and games that this site is known for and loving every single second I've spent here. But the one thing I've always loved most is that the owner of the site and the rest of the staff have always been an integral part of the community. You don't just sit in a leather chair in a hundred story office building. You're a regular Joe, with a family and financial troubles just like all of us. You've always made the community your greatest concern, ensuring that the visitors get the attention you feel we deserve and delivering the wish lists we create regardless of how much time and effort it requires from you.
Now, that being said here is my personal take on both questions.
Continuing on your own:
-This site has stood its ground and grown immensely for well over a decade among giants, all the while maintaining a very personal relationship with members as I said before.
-Newgrounds continues to succeed and exceed expectations of competitors with Overlord Fulp at the helm. Why allow the possibility for that leadership to change hands, or worse, become influenced (read: enslaved) by the almighty dollar?
-Consistent site modifications, upgrades, and updates regarding events that are important to the community (such as this) are what keep members coming back.
There are many reason why you should continue on your own, but ultimately that decision will fall into your capable hands. However, before you classify this as a "Stay solo" comment. Keep in mind...
Accepting venture capital:
-Tom and his staff have made this site their career, and consider many members personal friends. There is no evidence suggesting that Tom and his staff would abandon the community for the sake of pleasing their investors (read: To get moar money.) Because that would mean losing the respect of many people that I'm sure they hold dear to their hearts. I personally do not believe they are willing to sacrifice that respect, hence why this is a post asking for community input, rather than an announcement of an investor.
-Because Tom has 10+ years of managing this site. This is an important note, because investors will understand that this is not a desperate individual looking to save a website, this is someone who wants to turn an extremely successful business into a full-fledged company. This is someone who is more than capable of continuing on without their help. For those that argued that investors would hold more influence than Tom, I think you have to remember that Tom has managed this site incredibly well and will continue to do so even with dump truck loads of cash. (He'll still love each and every one of us too.)
-Money would allow more servers, which leads to larger audio files, longer flash animations and better? games. More site updates, more employees to implement said updates faster. (Or better pay for his current staff.) etc. etc.
There are many, many pluses to venture capitalism that will allow this site to grow in a positive manner. However, and I'm sure Tom understands this, it is rather risky. Tom, you would have to ensure that you never let that money go to your head.
In conclusion, I'm going to have to say that Tom should continue with venture capitalism. But under three conditions that I'm absolutely positive everyone in the community would agree with; Never forget why you're here, where you came from and most importantly, who you are as a person.
You're here because you want to give individuals around the world a community where they can share their creativity and establish recognition. I know this because I saw that interview at PAX and I could see the excitement you had about people from the place you created becoming successful elsewhere.
You're just another nerd like all of us. You built this site as a place to showcase your Flash animations, eventually introducing other artists and programmers which led to more, which led to more. Eventually landing you where you are today, at the helm of easily the most influential and respected website dedicated to sharing animation and games from members worldwide.
Finally; You are a man that has given to the community countless times for many, many reasons.. You've done it publicly, and I'm sure you've made private donations as well. You have a heart of gold that is dead-set on solidifying the foundation that Newgrounds was built on: Community interaction and collaboration in order to give a name to unnamed underground artists. Musicians, Flash animators and game programmers alike.
I think that's all I wanted to say.. Not sure if any of it makes sense.