I think it would be nice/fair to know how much input the Alumni will actually have. Do they give you summaries? recommendations? Do they have the power to completely block applications?
The goal is to use the alumni as a second set of eyes. The way the software currently works, the alumni say either that they think we should accept an application, or that we shouldn't. So if we notice we're giving a bad rating to an application multiple alumni think we should accept, we'll take a second look, and vice versa.
The more sets of eyes the better. Y Combinator is looking for the best startups which fit their criteria, and any review system which results in them funding a higher ratio of startups that benefit real users in the long-term is all that really matters. Lets keep in mind the actual end-users in all of this. If it's not something people want, then it shouldn't have been funded in the first place.
