I'm not sure if I'll do it but I agree with these sentiments. It may not work but good on them for trying. I hope they make plenty out of it too - I believe in capitalism.
Whether it is a fun thing to do depends on what you like I guess, but IMO the price sounds about right for an exclusive event. "Exclusive" means most get excluded, after all. The time away from the business might cost some participants more than the entry fee anyway, and think of the networking potential.