If you are looking for a cheap way to check out Iceland, I would highly recommend Airwaves. From a music stand-point, it is a horribly organized mess (2012). There are so many venues that are extremely small, the chances of seeing some acts without a VIP pass is next to impossible. Our group waited an hour in arctic temperatures to see Phantogram, but never got in because VIP gets higher priority. On a more positive note, the festival is unlike anything here in the US and definitely an experience all to itself. The food is fantastic and the people extremely friendly. Best show of 2012: toss up between Funk that Shit! and Retro Stefson.