You bring up some good points, but I've only been 
to AX once and I had a ball.  For me it was a 
vacation- we stayed at a decent hotel with a pool 
and hot tub, which was lots of fun when we 
weren't at the con.
One thing that you didn't mention tht is a big 
draw for a lot of people is cosplay- I've made 
some fun costumes and I admit that I enjoy 
running around wearing them- really, where else 
can you wear a plug suit?  ^_^
Also, I really have fun wandering around a large 
dealer's room looking at huge amounts of anime 
stuff- even if I don't buy anything I like to 
window shop.  I also love having 3 rooms of anime 
playing all the time, where maybe I can discover 
a new series to fall in love with.
It is also so enjoyable to go to the panels to 
see/hear people you really like in the industry.  
I saw Watase Yu the year I went (2000?  2001? 
can't remember) but the one that was the most fun 
for me was Hidashi Abe (sorry I'm totally 
butchering his name)character designer for DHY 
2&3 who signed one of my episode 2 Yohko cels, 
and totally loved my Yohko costume.  
So that is why I want to go, although I will 
agree that the con gets too packed and there were 
so many problems with long lines and 
misinformation.  I'd love to go cel shopping too, 
but that's really not the biggest reason I'd like 
to attend.