So yeah, I went last weekend, and you are right - it's insane.
They NEVER check anything you bring in, they NEVER stop serving booze, I saw 0 police officers INSIDE the event (lots of them outside) - but despite that, I saw 1 fight that was just pushing between vendors.
That was it.
The rest of the weekend was incredible and I recommend the experience to anyone who loves music. I saw a ton of amazing bands and met great people all weekend. The only real issue is how hot it was. I got sunburned and sweat all weekend. Luckily they have really cheap bottles of water ($1 at most places) and a big fountain in the middle you can cool off in. There are also mister tents and most of the smaller venue areas are covered.
Great time and totally worth flying across the country for!!
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I remember that at the beginning of the event, the water was nice n clean. Toward the third and fourth day, the water turned brown because the it was being recycled. The heat was an issue then too, so people still went in it..