Having been at Defcon 17 this year, I can say that this was
not the highlight of the weekend. Speakers were arrested on CCW charges, ATMs compromised, potential Korean spies playing press, arcade games erroring out, etc. None of that was the big show. What they aren't talking about is the SSL Strip null byte attack, or the mobile phone fuzzer app that was released.
If you ever get the chance to go, take it. Defcon is an experience you will remember, and it is extremely valuable for us hackers to attend, if for nothing else, for the contacts and friends you'll meet.