I ran this race a couple of years ago with my wife. It was the very first 5K I had ever done. I can't believe how enjoyable this was compared to the one I've done years! People are super nice and come sidelines sign saying things like "go strangers!"
When I did it, they had the 5K on a Saturday night at 4 PM. It was a great time to run, but I still prefer running races in the morning. The route was very enjoyable and easy to run and the water stations were nicely spread out. I would definitely run this race again.
I also know that the water stations for the actual marathon are well-stocked and full of volunteers from the community that shout lots of encouragement. There's a plethora of hotels for people to stay at and parking isn't a huge issue. Champaign/Urbana also has a great bus system, so you can always utilize that if you decide not to drive to the start lines.
If you haven't done a race before, this is a perfect one to start with!