I know this is a really late reply (I forgot about this thread), but for what it's worth, all you who are saying you can get the deals at any other time of the year do not know anything about BF. Obviously there is a reason people get up so early to be the first in line for products. The prices on the hottest items you will never see ANY time of the year except that day. If you want the same price for that item any other time, set your clock to go off two or three years later. By then, the product's outdated, and it's not worth half as much as it was the years before.
Personally, I'd sacrafice a loss of hours of sleep to save hundreds of dollars. You don't have to ask me twice. For those of you who'd rather pay full price and sleep in, that's your poragative. However, to me, more money in my pocket to buy more things that I love in exchange for hours lost in sleep is worth it to me. And it isn't that much of a mad rush either. They only allow certain people in at a time, and if you're one of the people in front, you'll probably get a voucher for the most wanted items that you can come back any time of the day to pick up so you avoid the crowds.
My point is, research before critisizing. After realizing how it all really works, it would be fine to point out it's cons. Most of what you guys said here though, wasn't on spot.