I went to the motorcycle GP in Valencia a couple of weeks ago and really enjoyed it. It was the last one of the year and Rossi had already won the championship. You can check out the details at the MotoGP site here. The atmosphere was fantastic over the whole weekend and very friendly. On the Saturday night, outside Cheste Town Hall, the Movistar teams set fire to a falla (a wax and wood statue copied from the famous Valencian fallas) of themselves.
The day of the races, Sunday, saw the Cheste track filled to capacity.