I guess the value of the conference is relative.  Despite the painful lab experiences last year, I'll be back this year.  And due to budget cuts by my employer, I'll be paying my own way.

I don't go for the labs, but I do try to attend if I find one that's interesting.  I usually choose one or two technologies to focus on during the conference, and I spend as much time as possible in the relevant sessions.  I also spend time in the partner pavillion discussing things with our technology partners.  So painful labs are an inconvenience for me, but the overall conference has more than made up for that.

YMMV, but for me the conference has definitely been worthwhile.