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I do it monthly and have a good time, even with my lolcantturnV8.
It's just fun to go out and actually get on it without fear of Johnny Law taking an unnecessary interest in me.
If you look at it as a replacement for track time, yes, it's lame. But that's not the point. That's like saying ping pong is faggotry because you "should" be playing proper tennis, not table tennis. They're two very different things that just happen to have similar tools and similar rules.
Only people I see shit on it are usually people either too scared to go do it (I'll break my car!), have their motorsports fun elsewise (drift, drag), or are car enthusiasts instead of driving enthusiasts.