YC is the Stanford, Harvard, Yale, Princeton, MIT and Caltech of accelerators, all rolled into one. But that doesn't mean startups who can't get into YC are wasting their time going through other accelerators anymore than students who can't get into S/H/Y/P/M/C are wasting their time going to Berkeley or Cal State Stanislaus or wherever they can get accepted. Ya, they'll have a lower chance of success, but there will still be guys who go to liberal arts colleges in Oregon - and dropout after a year - who change the World.