In terms of skill development? Yes, although it's value you could get for free if you read the right blogs, keep involved in the community, and are a self-motivated person.

In terms of networking? Yes, although perhaps you could get that for free too, if you go to enough hackerspaces and meetups etc.

Ironically, a lot of the people I meet at conferences are the kind of driven, motivated, outgoing people who are well suited to getting those benefits for free. But not all of them!

I certainly derive value from going to conferences.

Other than that, books and screencasts seem to be a good way to spend that training budget as well. But there's a ton of videos online available for free too.

Of course, they all require time. Which is money. :)

I suspect there's plenty of value in the well-known conferences.