Overall Value of Time Spent and Benefits Derived: 
As a super quick executive summary (I will provide longer
descriptions of the events that I attended) it was a very
beneficial, productive day, and I'm very happy to have gone. The
information was top notch and well presented, and (as Mark Relph
mentioned in the comments) there was the benefit of the free copy
of SQL Server 2005 Standard Edition (you also get VS2005 Standard
Edition, but most devs already have a development-legal copy of a
better version of that via MSDN. The SQL Server can actually be
used in production, or so I am led to believe). I'm writing this as
someone who has been using Visual Studio 2005 and SQL Server 2005
in various incarnations for quite a long time - I've actually given
corporate presentations on the benefits that SQL Server 2005 brings
to the table. Nonetheless, I still found the session very
valuable.
As always, they gave out pens and notepads. Why are the branded
pens they give out at these sorts of events always the cheapest,
worst pens that money can buy (or maybe that you don't even need
money to buy)? I realize that the obvious answer is "because
they're cheaper", but I really think that's the wrong
place to save money. When I'm sitting there looking at your
branding on a pen, and it's tearing through paper with its rusted,
cubical, ultra-cheap nib, it rubs off poorly on your brand:
I'm correlating something cheap and shoddy with your brand. Pony up
for some nice gel pens or something.
All of these pictures were shot on a little P&S Sony
DSC-P150, and to avoid being a jerk they were all shot with the
flash disabled. It's remarkable that most of them turned out as
well as they did (I've gotten good at being remarkably still when
taking the shot). I didn't want to be a pretend-journo with the
digital SLR, though the ISO 1600 and much brighter lens would have
been very beneficial in this environment.
It is amazing how long it takes to drive anywhere
in Toronto. Given that the Launch Tour here in town was hosted
beside the airport, driving was the only real option (versus being
at the TO convention center, which would have been a much more
convenient GO commuter train ride). I left at 7:30 in the morning,
and still didn't get there until 9:15am. Thankfully getting through
registration and into the keynote was a breeze, and I really didn't
miss anything.
The keynote, as keynotes usually are, was the
least worthwhile part of the show (although still fairly good),
held in a very large room with 7 impressive, very large
screens, and a very nice sound system. It was basically some
cheerleading (with the crowd involved and responsive), coupled with
glowing tributes from partners who clearly would have sold their
firstborn to get mentioned at a Microsoft event. The social-proof
technique of convincing developers (where it's superficial
glossaries that "someone big and impressive is using it!", rather
than a credible case-study to be carefully analyzed) is old and
tired, but it was trotted out here. One HMV representative,
for instance, said that they went with SQL Server 2005 because
it "very easy - everything is setup for you!". Other keynote
tidbits were things like the statement that there are more units of
SQL Server installed than IBM & Oracle combined: Of course
there is. SQL Server is far more likely to be on dozens or hundreds
of small workgroup machine throughout an organization, whereas
most DB2 and Oracle installs live on monster boxes that serve
entire organizations. It just seemed like a deceptively meaningless
metric.
As always, an ecommerce sample was used, with the
developer evangelist (John Bristowe) demonstrating creating a
online music store. Why do these events focus on public ecommerce
when >95% of the attendees are corporate developers?
Code snippets came up during the keynote, as it
did during several other sessions. Code snippets are basically
automated copy-paste code, and I really don't understand why this
keeps being brought up - while I can imagine some uses for
this sort of copy/paste, 9 times out of 10 (more like 9.9 out of
10) it will be an abuse rather than a best
practice. Automating copy/pasting doesn't make it better than
copy/pasting.
During the slower sections of the keynote I was
evaluating the profile of the audience: Overwhelmingly male (about
99% in the "developer" track, and about 90% in the database track),
probably averaging about 40ish, and almost universally dressed in
business casual. There were a few suits, but the number of
people dressed in t-shirts or jeans could be counted on one hand
(I'm not passing judgement - just giving observations).
Overwhelmingly the crowd appeared to be the corporate developer
type. It must have been tough for the Microsoft evangelists to find
anyone wearing classic Microsoft attire to hand out the prizes to,
per their
blog entry.

Getting the day started. Yes, this car is a mess. It's a
225,000km commuter car that has served me well.

Since I'd never been to the congress center. I accidentally printed
the maps on 8 1/2 x 11 glossy photo paper, but the quality of the
printout was superb.

The Microsoft Canada mothership, visible en route

Parked in Section 10

Registration (or rather scanning of online pre-registrations). Here
you receive a little nametag necklace, in which you place your
printed registration.

Keynote

Keynote. 7 screens, all about 9'x7'. Remarkably they all are bright
and clear. While there are empty seats evident, this was due to the
very large number of late arrivals - the place was packed to the
brim at the halfway point.

Keynote. While Biztalk appeared in many of the slides, at all of
the presentations I went to it was largely MIA - barely mentioned.
That makes sense given that it doesn't actually come out until next
year, so I wonder why it was included with the branding of this
event: Did they originally think they could pull it off and release
it now when they originally planned this?

HMV is using it. Why aren't you? BTW: Have you heard about HMVs
online music store?

Trusted Business Platform

Intel vs AMD (a 32-way Intel box is used to demonstrate the
high-end, and a 4-way AMD Opteron is used to show the immense power
available even on a "low-end" box, in this case servicing 18,000
simultaneous SAP users)

Quick Break

Ask The Experts
Coming Next: Some of the
sessions, including witty observations and clever commentary.
[Launch2005]