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For example, a common question is... how does one apply. There are some misleading answers on the internet right now but the official answer is you don't. It is a lot like typical angel/VCs, you have to network and come in via some mutual connection.

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That seems a bit backwards to me, though it explains the higher investment at lower stake.

One of the attractive parts of YC is the mentorship in exactly this category[1] that comes with the program. Between that and the pay-us-for-space incubator model, it's something of an apples-to-oranges comparison to YC, anyway.

[1] Or at least how to approach getting funding, if not networking in general.

Yeah, not really a good comparison. There are a good number of YC companies in the 500Startups portfolio/mafia.

What I liked about the current process is that networking and pitching became a way to practice and learn more about that process - which will be extremely useful in later rounds.

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