Keith Rabois is the new king of Y Combinator

It looks pretty obvious to me that YC has hit some kind of marketing inflection point here. They've become a status symbol for investors and industry pundits as well as for founders. I can't articulate it better than that, but it bodes well for them. Congrats.

So far, I've invested in 6 from this class. Only time will tell if that's a good thing or a bad thing :)

Let's say you're a very early stage startup with no raised capital. Let's also say you have two equally plausible options today of raising a convertible note with a cap. You can raise either $500k or $1M. How would you choose?

Bottom line -- if you could, would you take more capital now given the potential risk of a double-dip recession, or take less and hold onto more of your company?

Lets say I need to raise about $500k; how does the terms look like? If this question is already discussed, could you please point me to the url?