/\ I'd say that's a pretty fair assessment, LOL.
In addition, I'd absolutely agree - if you're going with friends, that's the way to truly get the most out of the experience. There's an incredible beer garden with tables as far as the eye can see, an incredible merch area (with admission to the cd tent being like $5 or the equivalent, but is worth it as the selection is beyond your wildest imagination as long as you have a place to stash your wares). You won't want for food, but you will want for water, so absolutely bring as much as you can to store if possible. The only non-alcoholic drinks readily available are basically sodas, and they run out of the diet coke before anything else so plan accordingly.
If it doesn't rain, that will bring your comfort level up dramatically. If it has rained heavily, expect to spend a lot of time trying to walk in quicksand and pull your feet out of primordial mud ooze. Definitely bring sunscreen, sunglasses, comfortable shoes, etc.
Absolutely make sure you pace yourself alcohol wise or you will not only miss out on enjoying headliners, but make yourself miserable health-wise for the remaining days of the fest.
If driving and camping, get to the festival area on Tuesday, rather than Wednesday because you will be stuck in a traffic jam until Thursday if you do and forced to sleep on the highway. At the camp, if you enjoy roughing it and don't mind very dirty conditions, then it should be ok for you as the camping area is very "Woodstock" like. If you don't enjoy roughing it and constantly walking through garbage, human waste, etc. then I'd highly suggest trying to secure a room to commute from in some manner.
If going to the blackstage/WET stage/indoor stage, make sure you stand on the left side and not the side that people go in and out of. I learned after the festival that it is way more comfortable on that side because people aren't constantly struggling to get in and out.
Overall, I've been there 3 times now, and it's more uncomfortable now than ever due to the ever increasing crowd sizes. (In 2001 is was about 25,000, in 2003 is was more like 30-35,000. Last year I can't even begin to estimate an exact number, but it felt like at least 50,000, including the legion of festival workers).
Aside from all the negative aspects though, the positives far outweigh them if you know what to expect and heed our advice. The stage layout/set-up/sound system is absolutely spectacular and unmatched by any concert I've ever been to. You'll have an absolute blast and it's a pilgrimage you should absolutely make at least once.
Jason