I attend the "Code of the West" gun show in Vallejo, CA 2 or 3 times a year.
Since I've taken an interest in firearms only the past 2 years, I can't comment on what gun shows must've been like back in the Good Old Days.
My take on it is, if you like flea markets and garrage sales, and have an interest in guns, you'll probably like the gun shows. I usually buy ammo there, since I can buy in bulk without having to pay shipping. Miwall is usually there, and they have about the best prices I've seen (not counting mail-order).
There are several things I enjoy about the experience: I get to see things I never knew existed, I get to find things my local gun store doesn't carry, and I can find merchandise that I couldn't get from my local gun store at any price, period.
For instance, I buy most of my firearms on-line. However, I have been wanting an inexpensive .22 revolver. There are very few that are listed on the CA "Approved Handgun" list (yes it sucks big time). The few that are, run $500 or more, a bit steep for a "plinker". It's illegal to bring a handgun into the state that isn't on the approved list, and it's illegal for a dealer to sell one in state that isn't on the approved list. But private party... ah! As long as it's already in the state, and an ffl processes the transfer. So I finally found a H&R 929 that fit the bill precisely - at the gun show. Of course it was about $50 over-priced, and the ffl absolutely raped me on transfer fees, but I don't care - I got what I wanted, which was more important to me than getting a great price, and I still consider it a reasonable deal. As a bonus, I discovered that it fit a second-hand holster I had knocking around. Sweet.
Also, you find some fascinating, one-of-a-kind items. I found a .308 "bubba" built on a Swiss 1911 (rifle) reciever. It looks pretty rough, but it might have potential. I've got an interest in the Swiss straight-pull rifles, and I've been looking for an inexpensive bolt gun in .308 as a platform for a scout-rifle project. Where am I going to find an oddball rifle like that again? At the very least, it's a great conversation piece. Talked the guy down from $175 to 150 - he was decent about it and I may have overpaid but I figure he needs to make a living too. Now I've got my fall "project gun".
As an engineer, I like finding something I haven't seen before, some new or different answer to the question of how to launch a projectile. It is a subject of unending fascination to me. So I can spend 3 hours gawking and fondling, never spend a dime, and walk out with a smile on my face. I do have to laugh at the "good ol boys" with their overpriced junk, but I figure they don't really want to sell anything, they're just there to fill time and hang out with other "gun nuts". Being in CA, it's refreshing to have a venue where you know that everyone in the room is a gun-lover too.
So, though I don't make a point of being there every time the doors are open, I'll continue to put in an appearance, and who knows what trash or treasure I might find there next? That anticipation of sifting the two, that's fun for me.