The new approach to "demo day" that nReduce is going for will hopefully be something that helps entrepreneurs get exposure in a more meaningful way. If it's done right, I could see it as a serious AngelList alternative; they seem to be interested in building tools that let developers show off their skills on a micro/functional way. This is much more appealing than a system that relies more heavily on getting attention through mutual friends and connections.
Having said that, I'm still kind of wary about the 10 startup demo day approach that is based on "investor rating" of the companies, mostly because it's not really clear what that means. Other people questioned the potential for investors to be more inclined to care about specific types/markets of startups, and I think that's a valid concern. However, I think that since they're planning on making it a monthly thing, it could potentially make it a lot easier for niche startups who have a solid product to get some real attention.