You're missing nothing. People spend hours lining up for a "deal" on one item that will probably be obselete or at 10% off. I am guessing this year their will be something like $20 off of an ipad. I also guarantee walmart will be offering the ipad with retina display at $299 even though it has been at that price for months and just not advertised. When I moved to the US, I quickly realized that they do black Friday to get people into the store and nothing is ever THAT cheap, but people buy a load of crap while there that they wouldn't buy otherwise. Some doorbusters are decently priced, but you have to wear armor to get them.
It's also centered around thanksgiving which is exclusively american. Take a trip to London, Dublin, Brussels, Berlin or any other shopping city in Europe during the run up to Christmas and you will get better deals over a more expansive time frame. Mainstays such as the Buy one get one free in western Europe are replaced in the US by things like buy one get one 40% off. Store will make money either way. Nothing is free.
So, No, you're not missing anything except a load of gullible people standing out in the cold to spend their hard earned $ because a flier told them to. While they could be working during that time, earning more than the money they got off the item. Some do it for the fun. Most avoid it like the plague. That's all there is to it.
