I did this program and it's still paying dividends years later. Highly recommend if you (like me several years ago) are sitting in your dorm room reading HN and feel like you're outside the main silicon valley groups.
Pioneer has been one of the most life changing experience for me. Would recommend anyone to start the tournament, even if you are just working on a side project or don't even fully know what you want to work on
As an "SV outsider" geographically (but a tech founder at heart) being part the Pioneer program and a part of the founder community is incredible. As a Pioneer you become part of an alumni community that enables you to travel to a ton of cities[1] and have the chance to meet up with other incredible founders.
The tournament and program are also great, but the founder community is what makes it incredible.