The network of alum really helps.
Having access to so many startups that have already optimize the hell out of the steps needed to start a company is a big value add.
The reality is that if you want/need PG's time you can get at any point during YC.
The reality is that if you want/need PG's time you can get at any point during YC.
That's one of those surprising emergent properties that I think will be of increasing import as the trend continues upwards and also has an effect of distributing the load on the YC founders.