I would highly recommend getting your name in the lottery for Falmouth or getting a invitational bib through one of the affiliated charities/ sponsors. I’ve been lucky enough to be able to participate every year since 2011 (minus 2013) through one of these means and am certainly going to try again in 2018.
The race began as a competition between 2 local/ competitive runners who raced from one bar to another (yes the race begins and ends at a bar) & since then has drawn a crazy amount of runners (about 7,000 people run this race) including elites/ world-class runners, such as Meb, Sarah Hall, Team Hoyt, etc.
It’ll be an early start to your day (so be sure to get plenty of sleep the night before) since you have to take a shuttle to race start (no cars are allowed up there). If you can have friends/ family go up or know someone who lives nearby that lets you park at their house, then do it. There is no shuttles to bring you back when you end! I usually drag family to have them drop me off at the shuttles and then meet me at finish. We still have a little walking to where they parked, but not as much as if you had to walk back to where the shuttles picked you up (about 1.5 miles)... unless your planning on a cool down run.. then, I guess it works.
Make sure to dress cool as the race is in August, which is HOT, and there is not much shade near the water. The course does have a few rolling hills (mostly in the beginning, but a good one at the 10k mark) so pace yourself.
Also, keep in mind you have to get your bib during the Expo. No race day bib pick up. Therefore, while it’s a nice expo, it can get crowded and parking (for the Expo) can be a headache.