@Ryan:

I love the idea of Jeff organizing a competing event on the same day.

I don't think it's a moot point, though, because although she is the first one to try to profit grossly off of a WordCamp, if we as a community don't put an emphatic stop to her efforts, she won't be the last.

Also, I can see enough people getting suckered into registering for this thing to reflect negatively on the legitimate WordCamps.