For any Laguna first timers listen up, I'll share my hard earned wisdom!
To get the most out of Laguna be prepared to hike all over the place, comfortable shoes are a must. For me, touring the paddock is one the best parts! Check out the tricked out Superbikes, the equally tricked out Baggers, and all the other cool racebikes, meet the riders and watch the hard working crew members do their thing. They'll be super focused and busy so pick your moments. Also they will have a pit lane fan walk where you can get signed posters, bring a poster tube to keep em nice. Once you know who the riders are it'll be much more interesting to watch the races and follow the rest of the series.
Bring layers, it can be freezing cold fog at night and early morning, then the fog will break up and it could get hotter than heck. Long sleeves, long pants and hat to keep the sun off. Might be cool enough you don't realize you're getting sunburned til it's way too late, you'll see some real crispy critters by Sunday afternoon.
I use a camelbak to carry water, snacks, layers. Good grub, coffee, etc is avaliable from the many vendors, go there at off peak times to avoid delays.
I would advise hiking all the way around the track at least once, you'll find some super cool views besides the more popular spots. You must climb all the way from the inside of Turn 6 up to the Corkscrew to really get how big that hill is, and down to Rainey to see how much it drops! Overall, one of the best places to watch the races for me is the outside of Turn 2, if you get in just the right spot you can see from Turn 11 to Turn 5 and a lot of stuff happens in those ares. Binoculars are helpful but somehow I never remember to bring them.