I attended the SWAF and enjoyed it very much. Its not the biggest show, a positive in my opinion, but a good variety of equipment in terms of both type and price. The smaller show allowed for extended listening time in the rooms you liked and a greater opportunity to speak with vendors. Haven't been to Axpona but from the descriptions, it might be a little much for me.
Appointments with vendors at the show would be helpful to those seriously shopping. I also enjoyed the seminars-do more of those. I don't live in an area blessed with lots of brick and mortar dealers, so it was great to actually hear some of the equipment I've read so much about. I didn't mind the music, but it was a bit repetitive. I think there is something to be said for smaller, regional shows.