A good discussion and I like @OB1 's perspective.
The one thing I keep thinking about is the excuse of "I'm not competitive". I do not buy this. I think of all those athletes and teams that can look at their upcoming season, they know how they perform and stack up, but choose to still go out and play the game even if they know their chances are very slim of finishing at the top of their respective league, division, group, whatever. It seems to me that all waterski tournaments, regardless of the level, are about a couple things, challenging myself and personal relationships. What better way to challenge yourself than at a Regional or National event, the best of your competitors, to see how good you are compared to all your past performances and certainly a chance to see all those folks you do not spend time with often and who share the same passion for our sport.
I'm a business person and don't think ROI has any point in this discussion. Do you calculate ROI for all your vacations?