Finding a way to emulate YC's model of weekly check-ins with someone you want to impress is tremendously motivating. Did it early on with IH by sending my progress reports via the weekly newsletter. Starting to do it again by sending weekly progress reports to my boss, who's otherwise super hands-off.
As a hands off (aka trust my team) manager, I find these weekly check-ins to be of great value. A few of the benefits:
Feedback from my teams on these reports are that they are equally the most annoying thing (when compared against the real-time opportunity cost of getting other things done) and most beneficial thing (when they see the impact it has on their work, recognition, and relationships) that they have to do each week.
Agree 100% - Have found it to be one of the most useful tools out of the Startup School process.