I went once. My mom works in a doctor's office and gets invited to a lot of events that are being held at and/or sponsored by various pharmaceutical companies. We were in a sky box and a private tent most of the time.
I don't remember people being that dressed up... dresses, polos, khakis, etc.
It was OK. If I remember correctly, there was race after race and it got kind of repetitive after awhile. I guess if you follow horse racing and/or bet, you'd find it more interesting.
Honestly though, I've kind of felt bad for the horses ever seen the Barbaro incident.