My only question: why would Betaspring NOT offer funding? If the founders have done such a great job raising money in the past (30 million, was it?), why not raise some more money now, and invest 20 grand in each of the young startups that they accept into the program? It's such a small amount of money, but when you ask a bunch of 20-somethings to move to RI for the summer (and give up equity), you should at least give them enough money to pay rent.
Betaspring offers to "line up investors who want to fund you" -- really? In this environment, that is a pretty ambitious claim. How many YC companies get the "immediate follow-on funding," that Betaspring refers to? Some...but we are talking Silicon Valley (and formerly Boston, the second largest entrepreneurial hub), and a really strong reputation.
I think these firms are generally a good idea, and a value add for young entrepreneurs. Look at the companies that have come out of YC, and see what they are saying about their experiences. I just think some firms are better than others...