I recently finished reading "Founders at Work" and I liked the adventurous start-up story of YC back in Cambridge. Being in 2012 now, my question to you (and the team) is:

How far is Y Combinator (still) a startup itself?

To me, this question can imply subquestions like: What do you do not to become a company? How far do processes, iterations, standardizations and scale influence the entrepreneurial atmosphere? Do you like the term "Startup Factory" in this context?

I´m aware that this question sinks within the interviews (and is within a gray area of posting rules), however it might be that it is something the YC crew is talking about these days.

P.S.: @Jessica Livingston: Would be great to know whether you plan to publish a new book on founder stories on recent YC (and non YC) startups. Maybe "Loser Stories" would be good theme too.