Which strikes me as somewhat funny if the review is true.

Ivy league isn't about what you know, but where you went and who you know. Isn't Y Combinator turning into Ivy League? People want to get in even without an idea? You want to network with people already in YC or those associated with it?

YC served a great purpose; to show how you can bootstrap your startup. Get an idea, refine it, sell it, profit.

I feel as if YC will become less relevant as time goes on, but the lessons and knowledge its aggregated will go on as "startup common sense".

EDIT: This is not to say that YCombinator hasn't served a great purpose. It has. Now that the idea has taken off, its bigger than a single organization: http://startupweekend.org/incubators/