I've been there once before with iQuad in 2008, and I'm going this year with 180GO!.
So, based on my limited experience:
It's not like most festivals--there are actually few, if any demos. There are competitions though.
It's more like WSIKF, mostly open flying. There are usually a lot of Rev fliers there, and lots of the other sorts of kiters too.
My understanding is that the main party hotel is the Oceanic. There's a gathering there Friday night, no matter what hotel you're staying at.
It was a lot of fun, on par with WSIKF or Kite Party.
If you're planning this trip, I've been warned that the Monday traffic out of Wildwood is a parking lot. I've been told to leave at Dawn or in the evening.
If your work schedule allows for it, leaving on Tuesday is a safer bet. Besides there are still things going on Monday: indoor comps, and people will still be flying on the beach.http://youtube.com/watch?v=AOP9td9RdnE