Eventually it rebalanced out. The short-term folks got bored and left, while a new crop of top posters grew out of the ones who weren't ready for YC as of the summer but were going to become startup junkies anyway.
A few preemptive posts the day before will balance out all the rejection posts the day after and will make the forum more "normal" in the aggregate.
My fear is that the site will get so popular that some of the good material will get diluted. PG assures us that it's not going to happen. I wonder, though.
As a side note, it's very interesting (in a lab rat kind of way) to see how the community of the site actually encourages extra submissions and fervor around YC. YC may crash and burn in the next few years, but the lesson of writing the book, setting up the site, getting the promotion, etc as a way to increase visibility and enthusiasm for the VC/Seed process will remain around for a long time, I think.