I'm pretty sure that the only privileged positions YC holds on HN today are the top-left link and the job posts that are not eligible for votes or comments.
And writing the algorithms. And setting policies. And employing the moderator. And ...
Whether this privileged position leads to different treatment for YC companies is a different question -- as Dan says, they try not to be biased and potentially even overcompensate. Still, the privileged position is certainly there.
You're exactly right—it's a privileged position, and a delicate one. Without the trust and the interest of the community, HN wouldn't be worth much, so those are the two things we care about most.
