I wouldn't write it off just yet. The venue is so big and suited to an event like this, Multiplay just have to get the NEC to provide drinks at reasonable prices as its not just a one day event for a lot of people.
The food being bad in spoons shouldn't matter as there is subway and other options both on and off site. Although saying that off site is going to be more inconvenient compared to Telford and ricoh and on site is expensive. The pub itself isn't that big which I could see being a problem. The pub didn't have a few things on the menu (which is limited compared to your average wetherspoons pub) and even though the event I was at took up nearly all the halls there wasn't that many people there compared to a LAN.
The biggest problem is going to be price as LAN is slowly creeping up in cost each event. The increase in drinks prices every event coupled with small things like a £5 parking charge at the NEC is going to make it too expensive for the average person there or take away from the whole experience. The venue is great, but food/drink availability and price is going to be an issue unless there's some sort of concession for BYOC ticket holders.
Probably more based off a £5.55 large wine and small cans of monster being £2.40. Also the small Martin's newsagent on site wanted £1.95 for 500ml bottles of soft drink and I imagine the Starbucks and subway will be service station prices or slightly higher even.