This is awesome. There is, no doubt, going to be a lot of haters complaining about how hmexx is taking advantage of techies/the terms are unfair/don't do it/etc

This is awesome. There is, no doubt, going to be a lot of haters complaining about how hmexx is taking advantage of techies/the terms are unfair/don't do it/etc. But the reality is he/she is putting money where his/her mouth is, and making it happen. To come up with something completely new like this takes guts, and even moreso to follow through. The fact that ~300 proposals were submitted is evidence that demand exists for such a program. Also interesting is the fact that 4 out of the 5 participants selected are located outside of the United States. We'll see if geographic distance becomes an issue. I've long thought YC is missing out on a lot of talented developers who may not have the freedom to drop everything and move to Mountain View. Needless to say, I'm looking forward to the results!