Any actual examples of useful new technologies that were developed during the Apollo program? Any that couldn't have been had two orders of magnitude cheaper if funded directly and not as a "side effect"? Not that I'm against manned space flight or public funding of it.
I would like to believe that the side effects of the space race couldn't have been easily emulated by just funding projects directly. I think a lot of the technologies that came out of the time period weren't "Oh, let's make a <technology>." Development seems to have been a result of NASA encountering a problem and then inventing something to fix the problem. That new invention then just so happened to have applications to other fields.
http://www.sti.nasa.gov/tto/apollo.htm
As I stated above, I think the Apollo missions were unique in their historical context and unlikely to be repeated as a model.
The mistake many people make is thinking that that success can be repeated merely by giving money to NASA. The success of the Apollo program as an incubator of scientific and engineering accomplishment was directly tied to both the sense of mission that the participants felt, and the fact that it was widely perceived as a race with a rival power with potentially apocalyptic consequences for losing.
It's not categorically impossible to create that sense of mission anew, but recreating the overall context would be difficult. The closest we've seen to public programs that capture the competitive juices of the participants are contests like the DARPA robotic vehicle challenge.