There's definitely a different value proposition for user group meetings vs an all day event. User groups typically only have a single presenter and if turns out not be what you expected, the only other value is the networking. I've grown to have an appreciation of the networking so it's never a total loss for me. Equally, many only go to a user group if they are interested in the topic. I can understand that, though I think they still miss out on value.

By comparision, an all day event (assuming 2 tracks as a minimum) is almost a guaranteed win. If a session isn't what you expected, pick up and go to another one. There are definitely more newbie speakers at free events (by design) but I've rarely been disappointed with the content. If they have the knowledge and passion, I can live through any blips in their presentation skills.

I agree with Trish that PASS (or other paid events) have value too. If budget allows I definitely recommend attending.

But to answer the question, I attend any free training that I can find - it has and continues to pay dividends for me.