Although I have neve been, I somehow doubt its as great as these rich kids are telling. The best parties I have gone to have always been smallish scale, undergorund, borderline or outright illegal. Good things usually start that way then get overtaken by the money makers who mess it up making it larger scale comercial thing for middle class kids who can buy tickets online.
Yes it has turned into The Hacienda at this stage. It has its roots in Temporary Autonomous Zones / Pirate Utopias, but has since seen the attention of the gentrifiers.