I think that going to them for advice is the sensible thing in any case. They don't invest all that much money, yet do provide people with what looks like a very good package of advice and access.
I agree. The way I see it, is you don't apply to YC for the money at all. What you get out of it is connections and access to some of the best minds in the industry who have been there and done that (though of course, I am not speaking from experience here) to help you at the critical early stages of your venture, which will end up being immeasurably more valuable in the end.