Really? I was most interested in the role that news.ycombinator.com is going to play in their application process. I think that it's an absolutely great idea and not only helps Paul but start-up-would-be's as well.
Yes, really. That's not to say I'm uninterested in the role that news.ycombinator will play in their application process, too. Once word gets out, it will be very interesting to see what kind of traffic is posted and how the signal/noise ratio changes.