SxSW – Lost That Loving Feeling for Early Stage Entrepreneurs 13 years ago
You definitely don't need a badge. I've found that you don't get any real value from attending panels. To your point, you can get some value if you are on a panel.
SXSW is still great for meeting people serendipitously and getting a chance to meet with people from all over that would take weeks of travel otherwise.
I didn't have a badge the past 2 years and was able to attend anything that was actually worthwhile to attend.