A cool idea. One reason Y Combinator has so many good bets right now is because they've established procedures and a reputation that discourages PowerPoint cowboys from pitching them and makes it seem entirely natural for hard core nerds to pitch them. Removing the "gotta have an introduction, need to have been around the industry for a long time, need to have a bunch of graphs showing projected revenues of 80 bajillion dollars in 5.3 months" vibe of meeting with a good investor (and First Round is that) might just bring out a fresh kind of founder that might not have been comfortable winding their way through the traditional channels. It'll also bring out the PowerPoint cowboys, of course, because they love free coffee and want to sell you on their amazing new viral Web 3.0 travel wiki social network, but I'm sure they'll be easy to spot (at least, they're easy for me to spot at valley events, on the rare occasions I get out and about...there's always a lot of them to spot, particularly if the drinks are free).
