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It's the largest one on the East Coast, by far, and it's been in a sort of one-two contest with AnimeExpo in California for biggest anime con in the US for the last few years. My friends and I attended for the first time this year and we had an absolute blast. The variety of programming was staggering: in addition to the aforementioned concert, there was a special screening of Hero, some interesting industry panels (though I couldn't go to many, at least on Saturday, because of the ginormous dress I had on :D), and there were quite a few guests of honor. Besides L'Arc~en~Ciel, the creator of Azumanga Daioh was also there signing manga and stuff. Music videos were being run almost continuously all weekend, the game room was awesome (and had lots of fun imports, like the Full Metal Alchemist game), and the dealer's room was cavernous. The thing I liked the most about it was just being around so many other insane fans. The level of cosplay was just fabulous...people had some really great outfits. I even ran into an Elric cosplayer (!) Staff and fans alike were friendly and helpful and we didn't run into any problems the whole time we were there.
Another nice thing about it is that it's held at the Baltimore Convention Center which is right at the Inner Harbor, so there are plenty of reasonably-priced eateries and non-convention things to do if you decide to make a little weekend getaway out of it. The only thing I would suggest if you want to go is to really plan ahead. Hotel rooms tend to fill up very quickly; this year there were 10 official hotels and they all sold out very fast. My friends and I waited until the last minute and ended up staying at a dubious Quality Inn in the burbs but it wasn't an issue for us because we had a car. If you don't have a ride and procrastinate, you may be SOL.
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