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From a networking perspective, there is some overlap. It is hard to argue there isn't an equally large network at TechStars. Many reported that the recent TechStars NY demo day was the best demo day they ever attended. The bottom line is that anyone considering both programs should speak with alumni to see which is a better fit.
Frankly, I am not one for rankings as everyone's experience is different no matter which incubator they select. I am sure you can find just as many happy YC alums as you can TechStars. Select the incubator you like based on your own circumstance, not a ranking.
It is a whole new way to think about benefits and perks.
Keep sending rounds down range....
To take your "Open Source" analogy a bit further, I think there are Brad Feld's and David Cohen's in every city. Some might not write blogs, or have twitter handles, but maybe they are President of the successful local bank or are currently giving their time through S.C.O.R.E. Mimicking what TechStars has done in Boulder, Seattle, Boston, and now New York can be done in every city. It doesn't have to be siloed into one industry like Tech. Maybe in North Carolina it can be furniture, in West Virginia it can be mining, or in New Orleans it could be oil drilling/refinining. There are all sorts of possibilities.
Keep it up!
What freaks me out more is the weird indian chanting over the loud speaker upon entering the Frontier concourse after getting through security.