Most profitable experience was complaining in the hallway to another attendee about the previous speaker. We bonded over our griping & they became a client of mine a couple of years later (even though that wasn't an intention I'd had at the time).
Worst experience was a conference whose topics changed after I bought the tickets, flying halfway around the world for it, then struggling to stay awake for the final sessions of the day. I actually skipped the next conference day, but the attendees were great people & became good friends, so I still got my money's worth.
[Gratuitous plug: I maintain a list of conferences for indie developers, digital nomads and other bootstrapper/DIY types at http://indieconference.com/ I mainly use it as a list of justifiable excuses for travel.]
1. If a conference organiser, it's really useful to not just put people in a room with canapes and drinks for a 'networking session' but to actually plan something that can connect people. An event where people can create meaningful conversation, not have flippant conversation.
2. If a participant, read-up by listening to some excellent podcasts by manager-tools.com - they cover tips in a far better way than I could do in a quick HN post (it's free, with a vast range of content, not just for managers).
My worst was actually a Droidcon, where most the talks were a word-by-word repeated versions I already saw on Youtube.
There was this group that were louder and generally "more alive" than the rest. So I approached them, and lurked for a while, after a few minutes I said hi and introduced myself, and that's it!
After that I threw myself out of my comfort zone at every event. My goal was to meet as many interesting people as I could, and I did.
I was young back then, probably one of the youngest at those kind of events (that probably helped).