CPAC offers conservatives a place to share ideas and to find out who are the best and brightest in the party. While it may not be a place that liberals or Democrats think highly of, it is still a respected event that brings a lot of conservatives together to work things out.
As long as the CPAC has a huge budget to blow money on stupid ads and other forms of political propaganda, then yeah it matters. CPAC is just one symptom of the problem of money in politics. As long as the wealthy keep pouring money into these things we're going to have a problem.
CPAC does not matter anymore. There are so many different political groups (conservative and liberal) out there, especially considering new media (such as the internet), and after a while, it almost seems like it all blends together. Additionally, it seems as if groups like CPAC just complain about things and don't actually get anything done.
I think that the time of relevance for the CPAC has come and gone several years ago. It used to be a gathering for conservatives to voice their opinions and to learn from one another. Now it has turned into just another political pep rally with no real significance about anything.
No, I don't believe that the CPAC matters anymore. Although the Conservative Political Action Committee has been relevant in the past, and has helped right-leaning partisans in both the political and the social arena, I believe that after it started the award process it became more for show than it was a meaningful, political statement. It once mattered but the public perception of conservatives have also helped it dwindle in importance.