I have been going since 1971. Your experience at Reno really depends on cubic dollars....i.e. 'how much money you want to spend'.
If you really want the 'experience' (short of actually doing the racing, or getting media credentials and taking photos out at the pylons), you first need to join the National Air-racing Group (NAG). With a membership to NAG you can buy what's called a 'Line Pass'. Line pass gives you general admission in the gates and pit access for the entire week--including before/after hours. And if you lay it out versus buying ticktets and individual pit passes every day, it is one hell of a deal.
There are general admission grandstands (which is free-for-all seating) and reserved seating (which is bigger stands in front of the start/finish line and show-center). There is no seating in the pits, but people line up along the fence between the pit and ramp to watch. Get there early, though, because those are prime spots that are usually filled by 7:00 in the morning and held all day. If you're with a group of friends you can reserve and purchase a box seat out on the ramp in front of the reserved grandstands...I believe this is catered. Or you can join the Checkered Flag Club which gives you all kinds of perks as well as special viewing boxes, access to special events, merchandise, etc. All the information is available at
www.airrace.org.
Book a hotel room EARLY. You can stay at the Grand Sierra Resort for a couple hundred a night (top-end), or you can go to the Motel 6 for forty bucks a night (low-end). It depends on whether you are going to 'have a bed to sleep in', or if you want to be able to enjoy the nightlife experience while you're there. They offer camping on-site at the field too. You can either reserve a rental car and drive out to the races every day (about 12 miles out of town), which you have to pay for parking, or you can take shuttle buses from several of the casino's downtown for a nominal fee. If you just want to 'go see the show', I recommend taking the bus. If you want the full experience, get a car so you can do it on YOUR schedule, not the bus schedule.
Like someone else said, pack for all kinds of weather because it changes many times over the week, several times a day. I made that mistake many many years ago when it was hot and sunny in the morning, but by the afternoon I was 'stuck' taking pictures out at the pylons in a t-shirt and shorts in 40 degree F blustery wind. I had to bum a big garbage bag off someone to poke holes in and wear over the top of my stuff. So bring hot/cold weather clothing with you each day.
It takes some work these days, but for an entirely 'different' experience you can go out to the town of Red Rock to the West of the airfield and join the crowd at 'the road'...this is a die-hard group of enthusiasts who camp out at the airport fenceline....which also happens to be the west-leg of the race course called the 'Valley of Speed'. The race people frown on it, and a lot of the area is private property, but....while it's not nearly as easy to do as it was 20-30 years ago, is still a very eye-opening perspective to go and watch at least once. The downside of it is, you don't have ANY comforts, facilities, or anything. And you can't hear the announcers as it's about 2 to 3 miles away from the grandstands.
In the last couple of years the Reno Air Racing Association has offered a high-end perk as part of joining the Checkered Flag club where you can actually buy ticktets to a chalet that they have set up out on the racecourse itself. Next to shooting at the pylons, it's the coolest way to experience and Unlimited race.
Get there early in the morning and be prepared to stay late in the afternoon evening. The schedule is always full, and though the official program runs from something like 11-4:30 each day, some of the smaller classes are racing as early as 8:00 in the morning. And truth be told, some of the race planes go up testing in the mornings as early as 6:30 just as the sun is coming up...commonly known as the 'Dawn Patrol'. Any die-hard fans will also tell you that the real action takes place after the show is done every evening. That's when the planes and pilots go up and 'play'. You can help 'pay for fuel' and get rides in several T-6's and P-51's, and it's usually the time when photographers set up air-to-air photo flights...which inevitably come back to the field in formation around sunset. Mornings and evenings are the magical times for geeks like me.
The programs are expensive, but are a work of art each year. Definitely worth the $20 investment.
Bring lots of cash, too...because not only do a lot of the teams sell shirts, hats, patches, etc. in the pit area, but there is a huge vendors area behind the grandstands where you can buy any/all kind of aviation/racing/flying/airshow related stuff. They also have a pretty diverse food court for your culinary pleasures.
There's your Reno 101. Test during the second week of September.