Pack your stunt liver!

Seriously, it depends on what kind of experience you're after. The race, or the party? I attended 18 years.

The Speedway is massive. The cars go by in a blur.

If you're into the party, you'll want to be in the infield.

The IMS Museum is very informative and educational. It is located in the infield as well.

If you're into the race, there are a number of vantage points depending on how you want to view the race. As others have said, up high in the outside of the turns is a great vantage point to see the cars coming into the and exiting the turns. If you're into watching what's going on in the pits, a section called Pit Terrace (infield side of pit row) offers some good views. I once watched a frustrated AJ Foyt bring his car into pit for early race adjustments, only to pit again - exit the race car, yank the wrench out of the mechanic's hand, and begin to wrench on the car himself as the crowd roared in approval. Of all the years I went, Turn 1 or 4 offered the best views.

The townspeople of Speedway, IN are very hospitable and make the best of it. Many will provide parking on their lawns, and some even sell breakfast.

Check the Speedway rules in advance with what you can and can not bring into the speedway.