Except for the most featured matches, you will typically find an arena seat and, as Bob Jewett noted, when there is a small crowd for a match, Pat Fleming likes it when people move up to the VIP seats, with the understanding that in the unlikely event that the person who bought that seat shows up, you'll have to get up. Don't forget the upstairs bleacher seats that overlook the stream table, too. Even for some of the tastiest matches, you can find good seating up there.
Getting a seat for a really good matchup on an outer table can be very tough, so you'll likely end up watching some of those matches standing up unless you are one of the first few to show up to that table.
Outside of the steak house, the food isn't very good at the hotel, although the breakfast buffet in the hotel (not in the casino) is halfway decent. Still, expect to be using plastic utensils at most eating establishments, so if you want real utensils, bring your own. Coffee and soda are free in the area by the tournament room, so that might save you a little money, but the food is a bit overpriced.
Most of the action matches are upstairs, in either a) the primary action room just by the top of the escalator, b) Ray Hansen's one table action room, which tends to feature the best action matches of the week, but I think you may need to purchase a seat to watch in there, or c) after hours, in one of the upstairs rooms.
You'll have to learn to work the system to stay on top of which really good matches are coming up next in both the tournament rooms and the action rooms.
Enjoy!