VC Brad Feld lists all of the pitch points you should have ready before going in to see a VC. You may not want every one in your main narrative, but they should all be available in the backup.
One commenter suggests first engaging the VC in the meeting by asking their view of the market, and why the company was picked to pitch. I disagree on this one. I don't want my own views reflected back at me. I want to hear the entrepreneur's view of the market and the company's value add. The situation will get interactive soon enough if we're interested. At least at our place, it's a very bad sign to get through the first 15 minutes without being interrupted by questions.