SXSW is an event about everything. I heard it described as an interactive hootenanny... it is in Texas. Check out Wired's coverage of the cultural Zeitgeist (which Pepsi powered - see below)... the music brilliance ... the film culture... the tech innovation.
Oh, yes the drinking. Austin, Texas is a lot about the drinking.
Here is a funny-ish video attack on the Social media Digerati:
FWIW - Here is a screen shot from the Pepsi Zeitgeist.