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I don't think it's just Ultra that brings people to Miami for WMC/MMW. The boat parties, pool parties, non-stop events at all sorts of clubs, etc are a big draw. Honestly I thought MMW was pretty damn busy this past March. Maybe MMW won't draw as much as it used to, but it isn't going to cease being relevant any time soon.
As a Floridian, I love MMW. Don't need to spend $$$ on flights and extensive traveling to get a festival or series of events at an overseas hotspot. To me it really is up there with the big-time European events and festivals. Don't really get all the hate for the one major event each year that us Floridians have in our back yard. ADE is great but outside of Awakenings, I thought the venues were kinda lacking. Don't get me wrong, it's a great week long party as well but let's be honest, some of the venues and parties are wildly inconsistent.
I'm actually looking forward to checking out Amsterdam again in the summer time, and going to one of their outdoor mini festivals that they seem to have every weekend. ADE in October is dreary with the rain, 50 degree weather, and early nightfall.
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