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This seriously could not have come at a better time. I'm in LA and just started getting into the community. There are some hack labs around the city as well, but nothing specifically like this that I'm aware of. Massive props to steveeq1 for the link.
sounds identical to startupweekend
I thought this was actually going to be, you know, speed dating for hackers.
This is nice, but their whole "Darwinian evolution" concept is flawed. Evolution works by finding the most stable configuration relative to environmental constraints. The constraints they are imposing here are fake.

In other words, they need to put "The Market" into their iterative cycle.