It is still not too late to plan for the largest festival in the planet? the only disadvantage is, it will be difficult for you to find cheap accommodations in Munich area and its surroundings. Oktoberfest is a 16-day festival with over 6 million visitors, both locals and from around the globe.
I believed most of the reasons why so many people are going there is to experience the fun and entertainment during the duration of the celebration. More that, since it is a beer festival, tasting and drinking beers that are only brewed by the best breweries in Munich is also one of the reasons why many guests and tourists are flocking this event every year.
Of course, you must not miss the live bands in every beer tent. There are live musicians playing great musical instruments. If you understand what is bit depth, I know you will have fun listening to the live bands there. This is one thing I love everytime I visit a German festival.
If you are in Bavaria especially in Munich area, never miss the fun visiting the world's largest festival. I guess, I am a lucky traveler visiting Oktoberfest many times. Cheers and be safe!