Here's a previous conversation on this question that is still accessible:
https://futureofcoding.slack.com/archives/CLYCGTCPL/p1579116473013100
Here's a blunt view on lightning talks, in text comic format.
You think, "it'd be cool to see what everybody is working on."
You say, "let's all do talks on our projects.."
You think, "oh but I don't want to hear Kartik drone on about his lame-ass project for the umpteenth time."
You say, "..but just $TOO_FEW minutes per person."
Ok Kartik, if you're right, why does YC do demo day? They're pretty smart people, and their audience is smart people too.
Demo day is intended to drive a certain kind of action. The audience is people who've honed their pattern recognition for a very specific format of yes/no decision. The emphasis is on the final decision rather than the road taken to get to it. And the organizers are aiming for a feeling of scarcity to pressure investors into quick decisions. Nothing wrong with any of that, but none of it feels relevant to this group, where the goal is thoughtful appreciation rather than rapid action. (Right?)
I'm not sure what the answer is. Maybe we need something more like Science Fair? Put up your shingle for a predetermined hour, hack on your project if nobody shows up. If somebody shows up you give them your schtick. If it's someone who's already heard the schtick, maybe you answer their questions. Or maybe they don't have questions, they just wanna watch you hack. Or if your buddy shows up, you pair. Most importantly, anybody who doesn't care about your project knows what time to claim a prior engagement for.