I have mixed feelings about this. With YC, it's not just about the money or the weekly speakers. It's about Paul Graham's experience as a mentor and Silicon Valley connections.
That said, though, there are many of us with good ideas that are asking ourselves right after YC application decisions "What now?" Similar programs that we can immediately start pursuing after being rejected from Y Combinator at least offers a back-up plan.
One of the important benefits of YC is that meeting every week with a group of like-minded founders forces you do some kind of work on your startup. Even if you are demoralized, you would feel pretty stupid if you didn't have anything new to show after a week.
That said, though, there are many of us with good ideas that are asking ourselves right after YC application decisions "What now?" Similar programs that we can immediately start pursuing after being rejected from Y Combinator at least offers a back-up plan.