Andy: Don't listen to the bitter. You should go - I don't know anyone who went who regretted it. Of those who didn't go, some regretted it later and some didn't.
I found it very interesting. People who had changed tremendously, and people who hadn't. Women (and men) who were uninteresting in high school who were now very self-assured and attractive. Women (and men) who were the shit in high school but now were, errr, shit for real.
It's like people watching, but throw in the element that these are people from your town's past.
One chica got really trashed and wanted to hook up with everyone there. I wouldn't recommend this option. Nor would I recommend getting trashed at all on this occasion - people were too likely to try to "make up for things" that only they remembered, and that's always a mistake.
The other trap - running into people you really were friends with back then, hitting it off again, and then thinking you might hang out with them again after the reunion. Not going to happen. A reunion is a funny little break from your real life. It's no more than that.
NOTE: This applies to high school reunions ONLY. My college class was 4200 people - I have no desire to go back and try to pick out the 15 people I still remember, if they are there at all.
Hope that helps.