Just did it in Fort Lauderdale. Worth it if you are in the area anyway, and cannot get an on-property room.
Pros: Availability. The day passes are available after the event hotel has been sold out for months. Also lets you try out the experience without a $1200 investment. May in some ways be more discrete. Also if you come on a night pass on the Saturday night, you are the new face and that probably helps get you a little more attention.
Cons: It is a serious inconvenience not to have access to a shower. The experience for people on day passes could be significantly enhanced if this could be fixed somehow. Without the ability to freshen up a bit, it is more comfortable to limit the time you are there. We stayed about 4 hours.
We prefer being on premises, and have already purchased room packages for November and March.
