I have yet to see a GM event I was truly dissatisfied with. Granted I rarely manage to get to GM events, and my main character is rather averse to large groups (he dislikes being around a lot of people at once). While I do sometimes take part in them as other characters, this has only been recently.
However, I Doubt an RP created by any player these days will be as good as one created by UtM. Even before he had GMs and all to help with his events, his RPs were hailed as some of the greatest. I have yet, in three years and change of playing (A long time in general for a player to stick around it seems), to see anyone come up with better.
However, when it does happen, and a player does have a more interesting RP event than a GM event currently going on, I will likely be there as one character or another, maybe a few (and with one or two at the GM event as well

). As of yet, I only know two players who could have pulled it off, UtM, and maybe Proglin, back in the good days xD And they both joined the team xD