I could easily believe it was that high- Keep in mind, the program got a good deal of publicity, not just in the areas where you'd normally expect, bug Digg, etc...
I think the model they're doing is Damn clever; Had I the money, I'd love to be doing the same thing. YCombinator is a great program, but $70-150K is a lot more to get something running, and a good way to pull the cream of the new startups to you..
The startups don't have much to lose, since it's only a loan.. And you get a guaranteed right of first refusal on some hot goods.
It's a clever product, not just a marketing angle.
