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Most of the BF deals out there are limited items and quatities for sale and if you wait until later on you'll find the same items or even better items at the same sale price or in many cases at better sale prices, and you don't have a riotous crowd to deal with.
I went Black Friday shopping this year just to see what it was like. I went past American Eagle, saw a sign that everything is 50% off. Wanted a sweater, original price was $90, with the discount it was $45 which was still too much. I agree with the sentiment that some of these discounts are just to get people in the store. After that who knows what happens, but overall, from what I saw, Black Friday seems to be a bit overrated. The big TV that everyone seemed to be getting was an Element product. I checked and it's gotten pretty bad reviews.
I disagree, however, that Black Friday will go away. It won't. Internet purchases were up 20% if I remember hearing correctly, which would mean that brick and mortar stores are going to further push the envelope to get people away from their computers and back into the stores.