Then you should be directing your criticism at the media, not the startup scene.
The media are part of the hype machine but they aren't responsible for investing in companies like Summly, holding demo days, running weekend hackathons, acqui-hiring or bringing on board token celebrity investors... are they?
But I can't judge as I haven't been closely following the story. Is there any general consensus on the funding as a good or bad idea?
For the record I really like their promo video. It shows off the product with a bit of witty comedy. I just couldn't find myself using it, and I don't know how it'll fit into Yahoo, but definitely a fun app.
http://news.ycombinator.com/item?id=5442290
I find nothing wrong with hacakathons and acquihires, personally. As for celebrity investors, if a social media startup feels they need that kind of marketing / media attention, good for them.