I look at attending shows as a cost of doing business-- for me it is really a marketing expense. If you are serious about being in the adult online business, attending a show or two every year should be part of the company budget -- even those companies that are just one or two people. With all the shows now dotting the calendar, there is at least one that is geographically close if you are in North America or EU. [sorry squirt. you chose to live in a former isolated prison colony] The webmaster who is serious about doing business and not just accumulating the most free drinks will find that a $2000 show can reap exponential benefits. The webmaster who goes for the parties will come away thinking that shows are a waste of time and money.
I think most shows are becoming more business-oriented and less like a bunch of college sophomores with dad's platinum card, and the companies that do send representatives are looking at the bottom line of how financially productive each show can be. I recall big companies with huge booths and a small army of staff just a few years ago -- and the same companies now are booth-less and send key staff. Some companies are even --god forbid-- requiring their representatives to stay clean and sober when they are representing the company!!!
The trade show is evolving from a big party to show off silly amounts of money to business conventions where key people meet face to face and real deals are made.

CC Bill's shows are really raising the bar. No registration fee and reasonable hotel rates for those that register early. Flights in an out of Phoenix are also reasonable when booked in advance. No show floor and an emphasis on networking seems to be very well received.

I think trade shows will continue to be an important part of the serious industry member's budget and calendar. The way trade shows function will continue to evolve as the industry itself evolves and matures. For the time being, shows are still a valuable marketing tool for those that adapt and use them properly.