I have always stayed on-site - either in a cabin or at the lodge. I have a room booked at the lodge for 2010. But since I know that currently isn't an option as both are already fully booked, I would recommend booking a room in town (Portsmouth, OH) that you can cancel. I believe the Ramada is the closest to the race site given its location in town but the other hotels aren't that much further. Town is a 20 or so minute drive from the race site. I have had several friends stay at the Ramada and it is a decent place.

I say book a room that you can cancel cause in past years (well more so in 2007 and 2008 than 2009) as the even gets closer, you will folks offering up space in cabins and rooms at the lodge as their plans changes. So there is a chance that you may be able to stay on the race site in the end. It may cost a more to stay on site but to me it is worth it -- not having to drive each day and having a place to go between the two olys on Saturday is nice.