The required events are not that time consuming. The reimbursement process will always take longer then you would like but it is not that burdensome. Also other Startup Chileans can help you out with the process if you need it. As for the other requirements they are not that time consuming at all. In particular if you are in a team you can divide up events as not the whole team has to go to everything.
Compared to Canada I find Chile and we can get by easily with the maximum salary. That being said finding housing as each successive round takes up the already limited supply of furnished 2-3 bedroom apartments.
As for local talents, I have not personally had to look for any but from what i've heard finding talent with good english skills is quiet difficult
In terms of social isolation, and cultural issues, I would say one of the advantages of the program is that there is an instant, English speaking, community for each round, so everyone has an instant social network. That being said, I personally find it frustrating that my lack of spanish skills mean my social network is limited to the program, as I would like to connect more with chileans and chilean culture.
The biggest culture shock for me was the lack of trust. Coming from Canada, I didn't know what to expect by the term 'chile is a low trust country'. It means security guards everywhere, it means retail processes are more complicated (buying an electronic product involves 3-4 different stations you have to go to) and it means nothing happens unless there is a contract.
Overall I find Chile a wonderful place with incredibly friendly people (and very patient when you butcher their language).