Anyone planning on going to Austin, TX this year or been there before?

I'm planning to go with a few friends from North-East US (some of them are new F1 fans, but great sports... kinda excited to give them the best experience & turn them into lifetime F1 fans!

Now, I really need your help, especially from those who have been there in the past or planning again or currently live there, in figuring out the logistics & making sure we cover all the important events/parties & make the most out of Austin!
So, it's a clean slate... yet to buy tickets (thinking of general admission if everything else gets too pricey), air or accommodation.
So, any pointers from you guys please?? On things like...
- where is the best place to stay? I hear accommodation is crazy expensive

- what are the must-see events/places/parties downtown? Austin Fanfest?
- Is car rental necessary? Or do they run shuttles/public transport from downtown Austin to the track?
- any website/forum to follow for the upcoming events?
- does general admission offer good viewing or grandstands are worth better?
- must check out food places?
- best opportunities to meet the drivers?
- staying back on Sunday night is recommended for the after-parties?
I'm not sure on the US population on this forum, but any vague diary/experience from your previous trips to Austin would be greatly helpful.


Thanks in advance,
Gr8guns