You make excellent points. As a career startup guy and now a CEO who is also lead engineer, I think part of what keeps me in the startup scene is that I get to do both at the same time.
I'm also a participant and have gone the self-funded startup route in the past. The experience has been genuine and the account described in this article is an excellent summary of that first 30 days. Startup accelerators are not for the faint of heart--but if you thrive on the pressure, excitement, and can take (sometimes harsh but always well-meant) criticism constructively, it's a rush and an experience you will never forget--and will never stop drawing from. You can't buy this kind of education.