Taking a glance at the partners / speakers / advisors, there are some seriously smart and successful people in there http://dreamitventures.com/node/2
I think the YC crowd is hating way too quickly, there is plenty of room for more then one seed stage YC style fund... especially on the east coast now that YC is full-time in Palo Alto.
I don't understand why the HN community isn't more supportive of these YC clones. It's simple: the more clones the better your odds of getting money and getting your startup off the ground.
Also, it theoretically could be better to be a "big fish" in a small pond than to be a "little fish" in the big YC pond.
I think the YC crowd is hating way too quickly, there is plenty of room for more then one seed stage YC style fund... especially on the east coast now that YC is full-time in Palo Alto.