We've started going only for the tradeshow. The classes themselves are a total waste of money and most of the vendors give out free tradeshow passes, so the only expenses for us are plane tickets and food (the steakhouse at the M Resort is amazing).
Im out this year. Last year I never made it to the classes. stayed out partyin all night and ended up on a 2 day heater in Aria. My wife say that credit card bill and said no to this year since our baby girl is coming Feb 14, 2013.
As someone who's only been in the industry for maybe 2 and a half years, WPPI is definitely not lame. I've found products, equipment, and taken a few amazing platform classes that totally showed me the ins and outs of different styles of shooting, as well as how to properly use lightroom. My two trips to Vegas (2011 by myself and 2012 with my wife) were invaluable. Also, my wife wants to be a stay at home mom. But to do that, she'll have to handle some of the business back-end stuff for our photography. After seeing Jessica Claire speak, my wife was hooked. So that's clearly paid off as well.
Anyway, I don't think I"m going this year. I don't have time to go, and money needs to be spent on other things, but WPPI has been invaluable for a noobie like myself.
The first two times at WPPi were good; the third was rather more of the first two. Some of the big names change up their speeches, others don't. Not a huge fan of big stars pimping their wares to us while we are paying good money to hear them speak.