You do get freebies (well the tickets make up for it). The best way to describe it is...
it's like going to six flags (or a big fair). You get first hands on a lot of upcoming games but like any really cool rollercoasters, you also get to do the lines and wait a whole lot.
And that's the media version...not sure about the public.
That said, I'm sure if you go with friends (or make some over there) and just enjoy E3 for what it is...then it'd be worth it. Just don't take it as a free for all arcade because you'll be quite disappointed.