As a past recipient of the scholarship, I can say it really is a valuable program.
Summit is the premier event in the industry, and you've got nothing to lose by applying. Sign up for a couchsurfing stay or a hostel or whatever, but you don't see many opportunities like this to access the big players in the space for 3 days and soak in all the knowledge from everyone who's been there before.
We had a couple of people from the Indianapolis Affiliate Summit meetups win these last time and I loved seeing them really take advantage of everything in Vegas from the keynotes to the sessions to the meals. They were everywhere! And they came back just gushing about how much they learned and how thankful they were for the opportunity.
--Tricia Meyer-- I love being the exception to the rule.