It’s very much the first part of this post, and very much not the second part.
TC is completely underestimated as a tournament every year on here, likely because the Rangers have underperformed severely the last ~5 years (and our weak youth injection on the big team supports this). It is, in fact, a very competitive tournament with a ton of skill, and a bunch of kids fighting to make a good impression right before camp. We’ve seen many very skilled players come into TC and look out of place.
The production (arena, media, etc) isn’t strong, but the level of play certainly is. Let’s not make this out to be the Rangers prospect camp.
I feel the opposite and argue about it every year.
It does have importance. It's the first time the team has seen these guys since PDC. It helps to make a positive impression as these guys are receiving preliminary evaluations heading into camp. Obviously you want to get off to a positive start. If you were told in PDC to work on something, you want to show you did that. You don't want to come in out of shape. Etc.
The games are much like any short tournament--sloppy and lacking in general team chemistry, as most guys haven't played together before. There are a bunch of invites that probably won't play pro hockey. There are a bunch of guys that are ECHL/AHL tweeners. Then there are your real prospects. The play is uneven as the quality is uneven.
Again though, players obviously want to show well and it may give them a leg up going into camp, or conversely, put them in a tough position going into camp.
But that's just it--camp. Camp and the preseason schedule are where guys really establish their place. In camp and preseason, you're getting reps mainly against other actual NHL players, fringe players, and good prospects. There are some chuds in there, but generally the level of competition is so much higher than Traverse. Like, if you're having a great camp and preseason, that will determine your assignment and your role, even if you had a bad Traverse. And on the flip side, no one will care if you had a great Traverse if you're having a bad camp and can't even work your way into a preseason game.
So I do think Traverse is important, to a degree, but I think it's over-emphasized rather than under-emphasized. People react to player performances in Traverse like they are the single defining factor for the player's upcoming assignment, when really, it's the stuff that comes after that's most important there.