Shot down in flames a few minutes ago. At least they sent a well crafted email. I would love to see the specific negative feedback as to why they rejected us, but I understand that it would add to their workload.
Anyway, for me the best part of the YC process was the exercise of completing the application. It was much less daunting than sitting down to write a business plan. It forced me to codify my plans in broad terms, and that has been very helpful.