That's the tradeoff that you make here is that it's not just about the money is it? I don't think YC has ever been about the money for a startup- even at $100K or whatever it is. It's about "access"...into the SV network, which gives you instant credibility to parlay that name into other funding, recruiting, partnerships, etc. So if you are a savvy entrepreneur you can leverage the fellowship in almost the same way as the YC batch.

Maybe this is also a way for YC to sort of draw a line in the sand between wantrepreneurs and the real deal. If you have an idea that keeps you up at night and you have decided to go all in, then this will give you a chance to prove it. no?