> For the entrepreneur, the larger class size dilutes you. Yes, the incubator can scale mentoring reasonably well, but the visibility and prestige of pitching at Demo Day is going down.

I don't think that's true. For one, as an entrepreneur, you get access to a bunch of people going through the same things you are, but in totally different areas, so you get a greater diversity of opinion. And as for dilution, I don't think that's the case either. They have a lot more investors now, more than they can accommodate, so there is no shortage of attention.