How about an answer from the guy looking to do some racing
It was very expensive event for me, and I drove my car up there and drove it down. I am also racing a car I cannot afford to crash, my daily. My friend also is in the same position, he left the track at speed under braking and ended up a wall, climbing out the passenger window. He got super lucky, he managed to make the 500km trek home in the car but there is a lot of cosmetic and odds and ends that were damaged, . Budget for gas if its far, maintenance, accomodations and food. It all adds up quiet quickly, it was about a 600$ weekend. Easier on the car than a trackday though. Almost 10% of the field crashed out, it was very daunting for someone new to hillclimbs. Everything from an SP4 camaro that the guy has had since 18 and been upgrading to a GT3 Cup replica were totaled. In fact of the three 911's present, 2 left destroyed.
On a fun scale, I guess its relative but I would give it an 11/10. I found it to be more spiritual as the competition for many is less linked to your peers but more your personal limits. Its really hard to compare driving talents because setup and big power are so important, plus all the cars are so completely different. What are you willing to do and how far do you want to dance with the devil is what you want to ask yourself. This particular one had very little runoff and straight drops in many places.
In my particular case I told myself I would not push it, but my competitive spirit got the best of me and I went for it on run 5/7. To be honest I didnt know if conditions changed enough that I would survive some of the turns the way I was taking them, basically the elevation changes throw the car out and "track out" for you, and you hope you will pull through. That was a bittersweet moment as I set a good time [2nd in SP2 in a stock SS2 car] but was physically and emotionally drained from that tense 2 min run.
Seat time wise, you pay more than two trackdays between all costs and you get about 7x2min runs. May not seem like a lot between two days, but I opted out of my 7th run. I think its one of the most cool experiences you can do relative to automotive driving. It has a more laid back, vintage feel of a yesteryear event. I guess thats the appeal of pikes peak.
Summary:
-dont go if you cant leave with a totaled car
-expensive
-automotive/racing nirvana
Here is the vid if you are interested:
http://www.youtube.com/watch?v=OyX3KkTtaDU