So I went to this. It was pretty swank. The crowd was basically batshit insane and screaming at everything even remotely cool or anything which was an Austin/Texas reference. It was pretty hillarious and fun.
As for the movies themselves, Planet Terror, I absolutely loved. It was totally insane and did the whole Grindhouse thing really well. It even had a rocket jump. No, really. I'm serious. It did.
Death Proof on the other hand I did not really like, especially since it was part of Grindhouse. Frankly it was way too much of a normal Tarantino film, and the whole Grindhouse aspect was not even that big of a deal. Occassionally it would do a couple filters, but for the most part it was rather boring. It even had the obligatory Tarantino-style 20 minute long conversation in a diner. Overall it was super dialogue heavy, and not all that much happened. If it was on its own, maybe it would be fine, but after watch the hillarious insanity that was Planet Terror, it was pretty bland.
Also, all of the trailers they made to go in between the movies are pure awesomeness.