I know a number of very good hackers and not a single one reads news.ycombinator.com. Many are too advanced, and too busy hacking, to even bother with sites like this or reddit. You will however find a number of them posting on Lambda the Ultimate, and a few on programming.reddit.com.
My gut feeling is that news.ycombinator.com appeals to the low end of the technical hacker continuum, and more to entrepreneurial/business oriented hackers.
Here is a list of the top 10 items as I edit this post:
1. Number of founders - statistics 163 points by fauigerzigerk 2 days ago | 34 comments
2. Pmarca donates US$28 million to Stanford's hospital (pmarca.com) 30 points by henning 16 hours ago | 16 comments
3. Innovative New Rails Host: Online IDE, Web Console, Instantly Live (heroku.com) 19 points by chaostheory 13 hours ago | 6 comments
4. Absolutely, DO NOT, get a co-founder! 88 points by BitGeek 2 days ago | 92 comments
5. The Talent Myth, by Malcolm Gladwell (newyorker.com) 3 points by hhm 2 hours ago | 1 comment
6. Modern Lisp (with support for concurrency) based on Java Virtual Machine (sourceforge.net) 10 points by riobard 11 hours ago | discuss
7. Performance-pay Perplexes (newyorker.com) 25 points by davidw 1 day ago | 5 comments
8. Ask YC: did Hacker News really achieve the objective? 2 points by hhm 1 hour ago | 3 comments
9. Exercise on the Brain (nytimes.com) 29 points by jlhamilton 1 day ago | discuss
10. Steroid bust shows Feds can still get at "private" and "secure" e-mail (arstechnica.com) 8 points by muriithi 12 hours ago | 2 comments
I'd say #6 is the only item of technical interest and not a single comment!