I was at the TT this year back in June for the 100th anniversary of the mountain course. The TT started in 1907, but the full mountain course as its now known didn't open until 1911. BigWhip is right on, pretty much everything on the island sells out well in advance of the race, renting houses and such for the week is usually done AT the race for next years race, the hotels are a little better for availability but cost a fortune during the weeks of the race. Planning it isn't that easy either, the race is often delayed because of weather, so while its set for a week and half or so in June, it's nothing for it to be moved a few days back because of rain, fog etc.
But there are ways around lodging though, you can catch a ferry over from England, or get on a puddle jumper and fly from Ireland, Scotland, etc. We planned a trip to Ireland and flew over for the day from Dublin. We were fortunate enough to have beautiful weather, but we still only were able to see one race as an Irish rider was killed in a crash during the first race, so it was postponed a few hours before it resumed, and that bumped the the start of the second race after we had to catch our flight.
The video does little to actually show how insane these guys really are. Sitting at the bottom of Bray Hill and watching these guys go by at 130 mph is just absolutely insane. The streets are narrower than most residential streets here in the US, and of course there's rock walls, fences, houses, curbs, and just general road maintenance issues, all of the roads are public roads the rest of the year.
The crash that starts and ends the crash sequence on that video is Connor Cummins, on the second lap of the Senior TT from 2010. In the crash Connor sustained a badly broken left arm, fractures to bones in his back, a dislocated knee and ligament damage, bruising to his lungs and a hairline fracture to his pelvis. --- He raced the TT this year, I actually saw him walking around in the pits after the race we watched.
The photo below is looking down the track from Bray Hill corner. The rider in the picture is likely doing over 100mph at the time of the shot. Discovery HD, I think they call it the Velocity channel now, airs the IOM TT races a few months after its run in June, and reruns it occasionally. They've already aired the 2011 race, but I'm sure they're still airing some of the major events once and awhile.