We went in 2003 - it was a BLAST. The whole city is just one big party.
We booked this amazing two bedroom apartment - relatively cheap, as the hotels up their prices by about a billion-fold for race weekend. Unfortunatley, I note that the people we rented from no longer have the apartments online any more. The Metro is great for getting around, so no need for car rental.
I would defintely not book the Gold level seats that we did - we figured if they were "gold" seats, they would be awesome, but we were right on the finish line, and while we got a great view of the pits, we didn't see shit for passing - just a blur as the cars flew by the finish line. Next time, hairpin seats will be a must!
We just booked our race tickets on their own, and then booked accommodation separately.
Are you going this year, Mark??
"anima sana in corpore sano"