My experience in '09 mirrors this somewhat, but that was the first year they chucked a phone at us so perhaps I was distracted. I sought out the more technical talks and avoided most of everything to do with Wave. I was particularly interested in the Chrome talks and thought the presentations involving Javascript were pretty good.
It seems there are a lot of people out there enamored with Google, but don't have any other venue to rub elbows with the "Google people." I'd like to see a Google conference geared towards media, SEO, and the press so all those types will get the hell out of I/O. That way they can still announce products, ape and/or heap scorn on Steve Jobs, and get some noise made.