So you read my post, talked your boss into letting you go for a week and booked the flight to Seattle. You have found a hotel through the Summit Website and reserved a room there. You had the option of sharing a room with another MVP (in which case Microsoft picks up the bill for the room) or you wanted some privacy during the night and decided to pay half the room price yourself in exchange for a private room.
Most of the activities around the Summit take place in either Redmond on the Microsoft grounds, or in Bellevue. Bellevue isn't that big so it really doesn't matter much which hotel you booked. Most of the hotels are pretty close to one another and you can easily walk from one hotel to the other. No issues there, pick the one that fits your budget, your travel plans and which one you like best. Trust me: you won't be in your room much….
You will be busy. Really, you will be. Next to the product group sessions there are all sorts of activities going on. Microsoft hosts a party every year, there are product group dinners (where you can socialize with your fellow MVP's and team members), there are usually country drinks with people from the same region, there is a welcome reception, and so on. Next to that are the other parties. Famous is the Party With Palermo, organised by Jeffrey Palermo. It's just a get-together but it is getting bigger every single year. Most venders host an evening or a lunch session, just talk to your representative if they plan on hosting something. There are MVP-organized sessions: not official but interesting nonetheless.
Just follow the lists, the emails you get from your MVP lead and the private forums. You'll find tons of information about what's going on besides the more serious stuff. Myself, I am always busy during this week and never have a moment where I can relax. It's a good thing it's a 10 hour flight home so I can catch up on some sleep!