'... they dont pay a cent to do this. They will be selected to participate based on merit alone. ...'
But the companies/people demonstrating don't have to pay. Dave Winer is behind this and had a swipe at the companies asking for cash to slot in talks. [0]
But he also had another idea. It's called an 'Un-Conference' [1] and goes something like this ... 'The sum of the expertise of the people in the audience is greater than the sum of expertise of the people on stage'. [2] So swap the panel for audience members and maybe even pay people to listen. [3]
As for me most of the time I wait until ITConversations or the numerous other outlets release the talk to audio.
Reference
[0] Dave Winer, 'Tuesday, February 14, 2006, OReilly Sponsor's prospectus'