My experience in previous years was similar to yours, catseye -- the items that I really needed to jump on were footwear, bras (in my unusual size), and designer jeans (that would sell out in my size before going on sale again). For Halogen items I could wait. But this year, adopting that strategy, I lost out on a few things that I was strongly considering (cashmere cardigan, for one). Oh well. Live and learn.
What I have truly valued and loved from the sale over the years are higher end pieces like boots, a few sweaters, designer jeans, a bag. In the past I was always able to get a price adjustment if the item went on deeper sale later on -- no matter how long after the sale it was. But at the same time, living in Gaylene's retail environment, I never took that for granted and considered it a rare privilege.
Overall, I look at the NAS as an opportunity to consider my fall wardrobe and review my needs for the season well in advance, so I can "hit the ground running" in the fall, without significant needs for basics (undies), foul weather footwear, essentials-for-me, like updated denim, and the odd statement knit. Since September is always an insanely busy month for me and it's also when our summer turns to fall (and sometimes, quite abruptly) I'm happy to pay a little bit extra for that opportunity (and the fun of the chase!)
But I do think it's a bit unfair of them to discount NAS items so soon after the fact. If they put them on sale in mid October or November, so be it. By then, I'd have had a chance to wear them and enjoy them. But before Labour Day? I agree, that diminished the specialness.
Having said that, I just took advantage of this and ordered the EF sweater after all (came back in in my size).