(2) VC - When my firm began, one of our commercial goals was that a specific market leader would want to buy us. We would never, ever sell to them - we just wanted them to want to buy us. Maybe you should treat VC in the same way - have VC firms wanting to invest in you, even if you don't need or want it. You can always make a decision when that's a reality, rather than now.

Cons (1) - It's obviously a generalisation, but if you've had the idea then chances are other businesses have too. TechCrunch50 won't expose your idea to the competition - they've either already had it or it's not relevant to them. Getting the publicity, however, links your business to this idea, which gives you the competitive advantage.

The only other Con I can think of is that you won't be ready, and will present poorly. But I imagine if that's the case, you won't get selected, and the Pros (3) and (4) will outweigh that concerns.

Conclusion - Virtue, good luck, kick ass.