As was stated before, dont fuck around on the bike once you get anywhere near (within an hour) the peninsula because you will get nailed. The cops are pricks and have actually been getting some heat about it but they wont back down so it wont matter.
The grandstands on either side have a TV set up so you can actually see whats going on throughout the track. Laguna really isnt that viewer friendly but I tend to watch the race from the hillside though I am from here so I wont be much help as I usually slum it at the track.