What do you mean by waste of money? What are you hoping to gain from camp? Mastery of new skills? Don't bother going to camp unless you are literally going to spend the whole summer there.
If, on the other hand, you're looking for fun, new friends, new experiences, etc, then many camps will fit that bill.
I've worked at Flip Fest the past two years and I think the camp is run extremely well. Johnny R and Johnny Mac both care a lot about all their campers as well as their staff. They like to provide lots of opportunities to do fun things that are totally unrelated to gymnastics and there's plenty of time to hang out with the special guests of the week outside of the gym. They also try to make sure EVERY camper has a great time and receives anything they need to make their experience better. I love how any problems are dealt with. I have a lot of respect for the owners of Flip Fest.
I was a camper at Lake Owen 5 or 6 years ago and I LOVED it, but I lived in the gym. I think I enjoyed Lake Owen more than I would have enjoyed Flip Fest at the time because I wanted to be in the gym every second of every day that I was there. Don't get me wrong, there's plenty of workout time at Flip Fest, but I think they force a little more balance than Lake Owen. That can be a good thing or a bad thing...just depends on what you want. I don't know what Lake Owen is like now-days though.
Anyway, Flip Fest is a great camp. I love the fact that it's relatively small and Johnny R and Johnny Mac do a great job picking coaches who really love to teach gymnastics. Even the guy who does warm-ups (Randy) is hilarious. I think the atmosphere is awesome. Let me know if you have any more specific questions.