If you apply late for YC w2012 and dont get accepted can you apply again with the same idea for YC summer 2012? or would it be dismissed because it was already looked at?
Airbnb applied late too but they got in. They might have been an exception though. Here's the video where Brian talks about his story. Truly inspiring. http://www.youtube.com/watch?v=KOytubycHOg
Can't wait for the next Startup School at Stanford :)
I am not sure on the accuracy of the story but I believe Airbnb applied after the deadline had already been passed and got in because they were recommended by a friend. If so, the conditions/scenario is different.
I'm sure you could apply again but the hope would probably be that you are further along in your path towards executing the startup idea.