stevemckay wrote:I'm seriously considering going this year, but have never been to Laguna Seca so any advice as to where to stay or what day is the best to arrive would be appreciated

It is a great track and will be a great event.
I would recommend arriving Thursday as the first races start early Friday morning
The good news is that it is not in the summer and as a "new" event the hotel/motel prices have not gone through the roof yet, but don't wait too long.
I have usually stayed in Seaside or Salinas, but I spend most of my day at the track

Seaside is convenient to the track as well as Monterey and the Wharf.
It looks like there are still some good prices in Monterey also.
Camping at the track is also an option if you are so inclined.
Greg