You'll find pictures and observations in this thread in the Motorsports photo sharing section, but here are some more notes.
You'll want to check the event schedule
and the event blog
first.
This year's course is around two miles long. A 300mm lens won't be along enough to reach both ends of the course with a tightly framed shot, but it'll be good enough to let you get properly framed images of the boats as they run deck-to-deck in the near straightaway:
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As with auto racing, the most interesting action on the oval course - and the largest roostertails - will usually be in the turns:
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But be aware that if you want to get images of turn action with a 300mm lens with the boats coming at you (such as above), you're facing a long walk from the pits and the judges' stand to the area just east of the Madison Bridge, which is where the equivalent of the oval turns three and four are located.
The pits and the dock, of course, are the areas where you're going to get the behind-the-scenes action and the award presentation:
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One suggestion would be to get pit candids and general driver headshots first thing in the morning, then move to the east turn for action and protection images of the boats, and stay close to the pits for the final heats and championship race.
It would help to carry a FM radio and monitor
WORX-FM 96.7,
which will be broadcasting the race. The PA system doesn't cover the entire riverfront, and the radio broadcast will be the best way to stay in touch with race action and information if you move away from the pits.