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.
What about bike parts? Bike seats, wheels, etc get stolen all the time. Are they just scrapping these parts out for 5 to 10 cents on the dollar as well?
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.