As a few said, I think there is room for both. Having been a organizer for WordCamp Seattle, I have no qualms about the Foundation rules. In fact, I wasn't in the business of being an event organizer, and with their assistance it took a lot of load off us organizers.

On the other hand, I think it's great to see other conferences emerging and individuals giving the community other venus to learn and connect. And I imagine more will evolve over time. It's all about choices, and I think they all have their place in the WordPress community.