Mindiraser,
I have done the races several ways as far as accommodations go. I have camped above turn 11 (which is no longer an option unless you have reserved camping) which was fantastic - you can walk the track, watch from the hillside, and still enjoy your grandstand seats. I have rented a house in Pacific Grove off the VRBO website - view of the bay, walk to Cannery Row and downtown Monterey, have stayed in Santa Cruz in a hotel (too far, traffic sucks, and parking was a pain in the ass), and finally (last year) trailered our Ducs down from WA State and rented a house down in Gonzalez (about 30 minutes away) and rode in and parked on Ducati Island every day. This year I reserved some camping and rented a motorhome. I plan to get down to Laguna early (probably Thursday) and camp at Laguna, then get in line to grab a spot early Friday morning. Once that is done, let the games begin....check out the vendors, drink cold beer, bbq at the campsite at night, and live the track life for three days.....very much fun! Hotel rates in downtown Monterey will suck. If you can get a good deal, go for it, and take the bus to the track everyday. There are also some options to stay in Carmel - go for motels here, as the hotels are pretty pricey! If you need further help or information, just holler or send me a PM and I will be happy to help!