I did it last year, but everything has changed. It was a Challenge race then. Now it's a Rev3 race. And the course is totally different (which is probably a good thing--the course was ok, but nothing special--and now they have it down to one transition area rather than two). Maybe the only thing that will stay the same is that it was hot as hell last year.
Williamsburg is a good race locale. Lots of lodging options and things to do if you happen to be bringing a family along.
Rev3 Williamsburg was my first Rev3 race a couple years ago, and it was a fantastic experience. Rev3 puts on a top notch race - well organized, great transition area, great finish line area, free race photos, etc. They made me feel like I was at a higher level pro race than a local race.
The course is different this year - I'll be racing it, so will be curious too how it compares with years past. But I believe they are going for a better experience for spectators and families, as well as athletes. I will be happy not to be in the James with the current :) It will be hot, but the run course is mostly shaded from what I hear.