Played 2 LFR events (at level 1) getting the character to L2. I'm not really sure I see the point of all the rules and the restrictions. You generate a L1 character with careful restrictions (which I did). You play him in an event for which he's really not qualified (because the event is L1-4 and he's at best a liability). You're not allowed to pick anything up (magic or mundane) for fear of unbalancing the game. If the bad guy shoots arrows at you, you're not allowed to get his bow or his arrows or his armor because it's not a valid game award. When you're done you can play the same character next year with the 1 or 2 magic items or the small amount of money that was in your valid game reward.
I'm not sure I see the advantage over just having events where you bring your own character and where the DM looks it over to determine if there's anything he needs to disallow. Seems to me that if you did that, you could play just one level set for each adventure and just have people bring a character of the requisite level with the requisite number of magic items/money. Everyone could keep a few clean legal characters of say 3rd, 7th, 11th, and 15th and play those at Gencon.
Why go berserk over all the rules and restrictions? What does it really buy you? Now that I've done it, I'm not sure I wouldn't have just been happier with normal events where they just give you the character they want you to play. At least then your character is approximately the same level of ability of the other players.