I'm searching for the tl;dr?
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They are one of the most important yet most ignored thing all entrepreneurs should do.
I oversimplified a bit for readability and I'm thinking specifically of technology entrepreneurs.
I don't believe the value of conferences is absolute zero but the point would be that spending your time building a notable product is far more valuable than spending your time at a conference.
I've spent a fair amount of this year attending conferences (most notably SXSW) and this post was a reaction to my experiences.
http://www.kansascity.com/2012/01/17/3376648/dispute-over-ho...