This sounds great! I just formed a LLC today and will be launching my Twilio powered business in 2-3 weeks. It's web + iPhone app based app. Will be announcing soon here as well once my iPhone app gets approved.
$10K is not huge money for me, so that's not something which excites me, especially when I've revenue making plans from day 1. It's the network effect, PR effect, building relationships that one can achieve from these kinds of programs, excite me. I'm guessing this will be a great YC competitor, and in turn I hope it will return YC like after results.