I went there last year, stayed in Nice and used train to go to Monaco and Cannes.
I rented a flat in Nice, it's cheaper than a hotel and you'll probably only need a place to sleep anyway, so better to spend extra money in Monaco than on Nice hotel ;)
For Thursday we had tickets for T1 (in front of pits), for Saturday and Sunday - Sector Rocher.
I'd say that I was very pleased with those tickets, if you have a good place at Rocher, you'll see almost half a circuit and there'll be a TV screen in front of you.
Just be sure to arrive early and check the train schedule changes. If you want a good seat at Rocher, you'll need to arrive before 8am on Sunday and before 10am on Saturday.
Don't forget to visit Cannes on Friday. You won't have a chance to see any film from Festival's programme if you don't book your tickets long before the event, but the atmosphere is just great and unbelivable.
Don't forget to walk the track - it opens approx. two hours after the last session and with some luck you can find pieces of cars' debris (I even have a piece of Kovalainen's wheel rim

). Just look behind the bariers.
After the race it is possible to get into team's pit boxes. The mechanics are great and you can talk to them eventhough they are very busy packing the cars after the race.
I suggest that you'll stay for at least couple of days after the race, because on the race weekend most museums in Monaco are closed. Prince Renier's collection of automobiles is jaw-dropping and oceanarium is great.
Will post some pics later.
Hope this helps