Um everyone mentions that the money isn't the real value of TS or YC. This lets hackers that didn't get accepted into the program get many of the benefits. They get to meet the mentors, see some of the presentations, spend time working with and getting to know the community. I don't see how that is considered so much worse of a deal than the actual program. Consider hackers still in school, hackers not ready to make the leap and start their own companies...

It seems like an interesting way to become involved and learn a ton about the start up process.

(disclosure I was part of Techstars 08)