While I didn't attend UPT at Laughlin back in the good days of the 1980s, I did manage to be there before it really started to suck. I was at Laughlin pre-9/11 (2000-2001). Acuna was still fun, the Corona Club and Ma Crosby's was open and busy. The lake was awesome and everyone went to San Antonio or Austin once a month.
I went back a few years ago to visit a buddy of mine on my way through to Big Bend, and Laughlin seemed like a ghost town compared to when I was there. In 2000, Tweets and 38s were constantly flying around, but there was hardly any flying activity going on in 2010 (comparatively). Acuna was off-limits, and the lake was really, really low (although I hear that Mexico and the US trade off managing the lake, and when Mexico runs it, the level drops quite a bit).
If DLF wasn't so far away from real civilization, I'd consider going there to fly with the Reserves. That would not be an easy commute, though.