If you aren't already plugged in to Silicon Valley in some way, getting accepted will definitely help your startup career, mostly through knowledge and mentoring acquired and the relationships. Social capital, essentially. Plus all the knowledge you get trying to make a startup go.
I would imagine if you'd been accepted, you could always go to University once your startup is 'done', either finished or acquired, and you would likely have your pick.
That said, you get a different sort of social capital from going to a top-tier school and graduate school, and of course, in a good technical degree program you will learn a bunch of useful things, largely around rigor of thought, how to learn, how to work with peer groups and just how much smarter than you many people are.
Peter says those things don't matter, and in a way he's right; for the indomitable, driven hard-working, socially skilled, lucky entrepreneur, college is bullshit. Seriously, a total waste of working years. For the rest of us, there are benefits, especially at a top-tier school.