The fellowship is one of the few things I like about him. I was in exactly the position the fellowship was designed for where I had to decide between continuing to study or further pursuing my startup. IIRC correctly the age restrictions were lower back then, and I didn't apply because I was just slightly too old, which in retrospect was a stupid reason not to apply. I ended up pursuing the startup anyway (which ended up failing), and am now in a very good position experience- and job-wise, where I probably would have been in 5-10 years otherwise (_if_ we assume that I would have been able to endure/pass university).

Given what I've seen/heard from alumni I (or friends of me) have met, they largely seem to be doing very well. Giving someone a 3-5 year headstart can be a significant boost. The only way I see the fellowship having bigger opportunity cost than university is if you subscribe to the school of thought of making "Harvard connections", which can turn out to be more advantageous.