I've gone the last three years. It's billed as the single biggest one-day bike event in the country. They close down the main street in Lansdale and there are bikes parked the entire length of the street for about 10 or 15 blocks, including the side streets. I think I only saw about 2 or 3 Americas last year, but it would be easy to miss among the thousands of bikes that are there.
Lots of bike related vendors and tons of food. I try to get there early (around 4 or 5) in order to get a spot on the main street. It's less likely anyone will mess with your bike with thousands of people walking by.
Two years ago there were some 1%ers who came down the main drag with their GF's on the back of their bikes. The ladies had large patches on their jean jackets indicating they were "property of" the 1%er they were behind. I think they were Pagans, I can't remember. When I suggested my GF should have one of them with my name on it, she was NOT amused... No sense of humor
LEO are well represented both on bikes and throughout the crowd. All in all, it's a pretty good time and there are always some nice customs in the bike show, although almost all are V-twins.