I think it depends on what your budget is and what your goals are. IMO, having gone at 14U and 15U and upcoming 16U, it's one of our favorite tournaments. Will there be lots of scouts at 16U? Probably not, at least not until the few final games because rising Juniors are still considered underclass rather than prospects right now.
Is this a really fun tournament, with lots of excitement, teams from all over the US, and well run? YES! You get to test your metal against talent you'd never otherwise get to see. I think it gives you a very good sense of where you stand among your peers as a player. Not a tournament with 20 teams, but one with well over 100 teams. Some are great, others are not so great, and it will all pan out.
If you are looking for college/pro exposure for your 16 year old, then ask yourself if the team he'll be traveling with is of National championship calibre (NorCal, East Cobb, TX D-Bats, etc.) If not, then you won't see a whole lot of scouts unless you are playing against these teams or end up in the finals. Wait a year. But if you are looking for great competition and an experience he won't forget, then it might be worth it.
*Note: we are having massive rainstorms, so I know the PG folks are pulling their hair out trying to play between the raindrops and find extra fields. Just luck of the season. A bit of water in the midst of our 3 year drought!