I've been to practice rounds a few times. Here is my take:
There are no cellphones allowed, but you can bring in a camera. Do so. You will want pics of that place.
Go around the practice green by the clubhouse to Founders Circle. They will take your picture, free of charge, in front of the clubhouse. It's the only chance you will get to see Magnolia Lane, and some of the Par 3 course. I didn't know about this the first couple of times I went. Glad I found it this time.
Food and drink are quite affordable. Beers/sodas come in plastic souvenir Masters cups. Drink up and keep these nice souvenirs.
You can bring a chair, but it cannot have arms on it. I say don't bring your own, and just buy a Masters chair at the gift shop. They sell them at the main gift shop, and at a couple of the small stands around the course. They are only around $30, and are nice, heavy duty camping chairs. And you can place the chair where ever you want on the course, and no one will screw with it. Go back and sit in your reserved seat whenever you want.
Hit the gift shop as soon as you get there. The line to get it gets LONG. That's when you can get your chair, and other stuff you might want. They have lockers you can keep your stuff in, or you can mail the stuff home from a place right next door to the gift shop.
Take some time to sit on the 16th hole and watch the players try to skip shots across the pond and onto the green. Cool thing to watch.
Plan on a lot of walking. I don't see how you can go there and not walk the whole course from 1 - 18. The course is VERY hilly, so prepare for all that.
Hotels will gauge the crap out of you that week. This year I stayed in Aiken, SC at a dumpy Days Inn, I've done Airbnb before as well (also in Aiken). Aiken is only about 25-30 minutes from the course. I would try Airbnb first. Much more reasonably priced.
Plan to get there before the gates open in the morning (8am, I think?). Traffic around Augusta is ridiculous around this time, so leave early.
At the end of the day, stop in to the Hooters right down Washington Rd from the course and have a beer. John Daly will be there selling his merchandise. Buy a towel or something small, which will enable you to get a picture with him. Nice guy.
The place is worth the hype. Enjoy the piss out of yourself.