I went in 2013.
Stayed at the Detroit Marriott Troy.
The event is massive, a 25km stretch of Woodward...impossible to see the whole thing on foot. I recommend splitting the day, part on foot and part in the car. You can also see plenty if you find a spot along the curb and watch the cars going by....bring a comfortable fold up chair.
You have to get there early if you want to park on Woodward. Spots fill up fast. The hotel we stayed at had a free shuttle, so we dropped the cars off around 7:30am to get spots, took the shuttle back to the hotel for a little more sleep and breakfast, then took the shuttle back to the event.
It's a great event.....a must for any car guy.
I'd choose a spot mid way up the strip. Stay away from the Pontiac end....
Just my $.02....