I think Henry nailed my experience thus far in the Seattle TechStars program. The activities, presentations, midnight oil burning drinking bin... I mean. It's been great growing my network of friends and colleagues, while receiving the highest level of input from some really high caliber individuals that genuinely want to support you in building a great company, a great product and knowing the handbook of how to get investment.
My answers to your specific questions are as follows:
A) Giant Thinkwell made a video of us changing diapers and getting peed in the face, as well as sending Andy Sack ransom notes and cupcakes. That's out of context, but the point is, we let our personalities show through and allowed ourselves to have as much fun with it as we have with our product.
B) Understand that time is ticking and this opportunity will come to an end. Absorb and contribute to every possible presentation, meeting, pitch practice and social outing as you can. Know what your values and standards are for the company you want to build, but take heed to the advice being given and apply where you can.
Best of luck! If I could do it all over again, I'd absolutely shoot for NYC. David Tisch is geyser full of wisdom. RECORD EVERY MEETING AND CONVERSATION!