Went in 2005 toward the end. Seems most accidents occur at the beginning and the end of the "show," most likely because of increased traffic. Only spent one afternoon in town, which was worth it, spent the rest of the time riding in the Black Hills, and spending time with friends who live in the area.
If you're not a party animal, riding in the AM is best.
By the way, pack for extreme heat, extreme cold.
Also, take time to ride off the beaten path to and from Sturgis. Lots of "Blue Highways" to get you there. Lastly, lots of day trips to be had (Devil's Tower, Hulett "Ham 'n Jam," additional venues in Rapid).
Go with no expectations, and let the experience be what you make it.
