Well, every year's a full house. It used to be a great event where you could meet people in IT, web developers, Objective-C developers, Mac developers and iOS developers. Now, it's pretty skewed towards iOS development, but it's still fun.
I think it's absolutely worth it to meet the Apple community. You'll get a pretty interesting sampling of people who are really enthusiastic about developing for the platform, including members of the Mac press and some folks who are just trying to learn things. And you won't find a better group anywhere else.
As for the labs, I've had a mixed experience with them. Some teams are really approachable (the Accelerate team, awesome guys), some not so much. I've heard some very funny stories from some of my friends and from people I respect regarding the labs for the App Store review team... I don't know if Apple has App Store labs anymore. Wouldn't be surprised if they went away.
Regarding food; Moscone West's lunches have always been kinda suspect. For some reason, food quality tends to go down quite a bit as the week goes on. Consider eating at the Metreon or Mel's instead for a quick burger for a protein boost. The WWDC bash more than makes up for the rest.
Not going this year, pursuing other interests at the moment.