I went last year for the first time and was very skeptical about the whole concept of art fairs, but I ended up having a great time. If you don't live in one of the big 3 art markets (NYC, LA, Santa Fe) Basel is probably the easiest way to see great art. Whether it is the best way to see art depends on the person I suppose.
Try to do the big 3- Basel, Pulse, and Scope, on different days so it doesn't all start to blur together. I can't remember all the places we ate (my gf has a friend who took us to some of his favorites), but I do remember getting lunch at Joe's Stone Crab, which was excellent. It's an expensive place, the lunch specials are the most reasonable. Oh and Garcia's Seafood for dinner. We rented a car to get around, but really only used it to get to downtown and Winwood district.