Saying WaB is a great tournament because it's just a time to relax eat wings and pizza sounds so corny to me.
To put this into perspective for you, I've been playing Smash competitively for around a decade. When Brawl came out, I was no longer "catching up" to the players who had more experience than me and I decided I could get really good and win. As time went on, more and more players got to this "get really good and win" level and every tournament has been a huge grueling ordeal. Every 6 months or so I compare bracket difficulty to before, and its gone from "2-0 everyone with 2 stock low % or 3 stock with my eyes closed until winner's finals" in the beginning of Brawl to "win my first match easily, the second match taking a bit of concentration, and then difficult matches for the rest of the tournament". This can be very, very stressful.
WaB's focus is more about playing smash and having fun. At the end of each tournament (facilitated by AZ being really good at running brackets and a smaller turnout due to the cap), they all get to sit around and get a pitcher of beer, pizza, and have a good time playing draft crews (REALLY fun for the newer players, and its great to have a whle group of people cheering for you). It's really a lot of fun, and the atmosphere is great for a casual tournament.
