Didn't get in, didn't sweat it, tried other things. We haven't yet built a mammoth company or had a successful exit so I have yet to be able to take pg up on his offer to go to lunch sometime to discuss what they missed when evaluating my application, but I think it's fair to say we're doing reasonably well so far, all things considered.
YC is overrated as a gate. (I don't know whether it's overrated in general and I kind of doubt it, but too many people think "I didn't get into YC, oh no, maybe I'm not cut out for this".)
Frankly, as others have said in this thread, if a YC rejection stops you then something else would have stopped you anyway. YC is a very good first step in the right direction, but it is only a step - and there are many other good steps you can take in the same direction anyway, so failing to get into YC means very little in itself, imho, about whether you have what it takes to succeed more generally.