Start-Up Chile is great for early stage start-ups. But, if you are already receiving traction and trying to land investments, I would recommend being located closest to your domestic market.
For our company, Student Loan Hero, it made a bunch of sense, we were able to pivot our business model from the beginning without feeling rushed to pursue a bad business model, as opposed to the feeling I think I would have in a 3 month incubator.
I do recommend each member that comes to Chile have at least $5-$10k USD each. (This is excluding flights and the costs of getting to Chile) This should cover your rent deposit, and float your cash flow until the reimbursement starts to hit. (Typically in month 2 after arrival)
As for mentorship, this has been the weakest part of the program. Young entrepreneurs need experienced veterans when solving business model roadblocks. SUP is actively working to bring more investors, mentors, and support from all over the world here to help improve this situation.
Although, there are plenty of brilliant people in the program who are willing to help you as well. It is what you make it, and you need to hustle. There is little accountability and pressure to show results, hence leaving you in ultimate control of what you get done in your 6 or 7 months here.
One really positive comment about the program is it like a "family". I can't speak about YC, MassChallenge, or other incubators, but all the SUP companies are in this together versus being competitors to each other. This atmosphere fosters positive collaboration between our start-ups, and I know I can go to any other company in the program and ask for help.
As for the environment, SF and NY are much better for meet-ups and meeting like-minded people, but surprisingly a decent tech scene is also developing here.
My experience has had it's ups and downs, but overall I have learned a lot, met amazing people, and given the chance again - I would still have decided to come to Chile.
To sum it up... You get $40k at 0% equity. The rest is up to you.