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The Isle of Wight festival
I floated this in the Sex Pistols thread but that appears to have been overcome by "PUNKZ NOT DEAD!!!11"-related bickering, so I'll float it seperately instead.
Thing is about the IoW, it has a history, technically longer than Glastonbury's, which they never pass up the opportunity to publicise. It gets a pile of mainstream media attention, with annual big reviews in all the papers and on assorted Teletext services, and highlights are usually on late night Channel 4 for months. It gets a bill of major acts. And yet, do you know anybody who's bothered about it? I've never heard of anyone who's gone, it's never considered when papers or sites like this list the big festivals in the calendar, and it's named after the island, yet with Bestival's myriad attractions it's not even the most celebrated festival held there. It seems to exist of itself for three days and then drift by without leaving any trace. What's the point?