WorldCon has been running since 1939 in New York City.
It's a wonderful institution and I was at last year's Con in Yokohmama, Japan. I had hoped to go to Worldcon 2009 but the costs may conspire against me. Besides, in 2010 it's being held in Melbourne, Australia where I live!
During WorldCon you have the Hugo awards (which if you register for WorldCon early enough you can vote for. There's a bit of work involved reading the various entries but it's a rewarding experience!) and the Masquerade ball (where contestants get dressed up and can win prizes) as 2 of the major highlights. Then there's usually some speicifc events central to the location you are visiting. In addition to that there's the Dealers Room, where you can purchase SFF books and other cool stuff including collector's items.
Then the Con itself has the standard press conferences, author retrospecitves, parties including "bid parties" where the competing countries (for 2 years hence) woo registred fans to vote for them at the Con, various discussion groups on specific SFF themes, demonstrations and panel discussions often on actual Science issues.
You also get a nice souvenir book to remind you of your stay at the Con and normally you can arrange for day passes or for a pass to the entire event.
Worldcons are also a great way to meet and make friends with fellow fans and to catch up with online buddys like the ones here at Chrons.
You never have enough time to attend everything at Cons so the trick is to see if you can arrange with a friend to split up so as to cover your favoured events between the two of you.
The event itself usually lasts about 5 days around August of each year and attracts thousands of visitors and locals, which is why a city has to bid to host the event.
I hope this gives you a better idea of what to expect and anyone wishing to attend WorldCon 2010 in the world's most liveable city, come on down!!...