What further exasperates the issue is the free hardware is often be kept by an individual while the ticket price is paid by their employer.
Yes...this was noticeable even though I don't care much about Google I/O. Last year I saw someone I follow on twitter announce that he had a ticket and it became quite obvious to me that he's a swagster. Great guy but not one of the people whom I think would add the most value to a developer conference. :)
Personally, I don't own an Android device, but I'd probably sign up if I lived in the area. It would be fun and I'd probably break even so why not?