Good portion of ETH is locked yes,but there are still 13 days for buyers to get DAO so don't expect this fundraising to be over yet,the avalanche is yet to come,during DAO final days price should be over 20$ with ease due to lower supply available and the first undecided buyers....
For the DAO to fund any projects the ether they took in needs to be converted to fiat. I read somewhere that one of the projects they were considering supporting was a car sharing business in France. You can't buy vehicles with ether and even if you could it would be instantly exchanged for fiat.
Basically the DAO has been used to drive up the price of ether and as they spend those ether to support projects it will drive the price back down. Once the ball starts rolling people holding ether will sell as well.
The idea that the DAO ether are locked off the market is incorrect. Those ether must be sold to make investments. If the DAO does not sell it's ether to invest, the DAO will have failed as an investment method. The only locked funds are those of the individual investors who currently can't get out.
, but that's at all points so sometimes you just gotta decide. 
