In my city we've been holding a similar event[1] for more than a year now I believe and it's really great for both exposure and for keeping the community together. Since Montreal is much smaller than NYC, it's not limited to startups. Everyone can signup to present any project they're working on and I find that encourages the hacker frame of mind.

[1] Montreal NewTech: http://mtlnewtech.tumblr.com/ and @mtlnewtech