It is true that badges get first priority for getting into shows. For the more popular events usually there are 2 separate lines, one for badges and one for wristbands, and badgeholders get in first. If the club isn't at capacity, then they start letting in wristbands.
Generally if you have a wristband it just means you have to be more selective about what shows you go to, and always have a backup choice. For a really hot band, you may just have to get to the venue for the 8pm band and stay there to see whoever is coming on later.
If you have a badge, you can usually get in to a different club for every time slot, but there are always a few shows that are impossible even for badgeholders to get into without getting there insanely early.
There are lots of daytime showcase parties also, for some you need invitations but not all. So it's possible to catch a band in the afternoon at a party that you probably wouldn't be able to get in to see at night.
