it's a fun festival, but this year's lineup just wasn't for me so i only went friday. also, biking in austin is always great so that way you can avoid the horrible parking/shuttle situation. sound bleed wasn't that bad (at least friday). last year it was worse; i'm still upset band of horses' set was ruined by the foo fighters.
i've been to sxsw a couple of times, seen all the shows i've wanted to see without having any wristband or badge. just get to the shows early and you'll be fine. wristbands/badges help you a lot if you get to the shows late.