For the spectator bank that is opening, you are slightly above the track, but you can climb to the top, and watch pretty much everything from the start line all around the new infield and down the Revett Straight. There is a new spectator bank which isn't ready yet at the Agostini corner which will let you have a good view. The section at the end of the Revett Straight opens in July (apparently) - a long trek to get there though.
None of the spectator fencing is high level stuff, so no complaints there - its waist high.