I'm originally from Iowa - I go to school in Pittsburgh.
I've only done RAGBRAI once but it was well worth it (probably what got me hooked on riding my bike). There's nothing like sharing the roads with thousands of cyclists and almost no cars for an entire week. The food is good too - every fifteen miles or so there's a town with everything from beer to apple pie to pancakes for sale.
Unfortunately I can't go this year. Have fun though!