Also note that there is a restricted area from surface to 3300ft all around Monaco. I do not know what the restriction is, but you can assume that fixed wing tourists are not welcome.
I have heard (not done it myself) that getting a clearance for the VFR routes (all in class D) is a bit hit and miss. There is one that goes well out over the water and the other is inland over some rather inhospitable terrain. You may be offered one or the other or neither
Monaco itself is a great place to visit. It is possible to do it on the cheap, but much more fun to spend a few bucks. The cheap option involves eating nothing except ham baguettes for the duration and drinking only water. Accomodation in the Beausoleil (sp?) area (technically in France, but feels like Monaco) is better value. Cheap hotels in Monaco itself can be a bit grim.
Best option is to stay in Nice or Menton. Both nice towns and 15 minutes into Monte Carlo by train.
"Stars and Bars" is a good sports bar / club / restaurant by the harbour. Not at all Monagasque (except the prices) but a good place to bump into celebs especially F1 drivers.
A visit to the casino is part of the Monte Carlo experience. A jacket and passport are required. We have made a small profit on all three visits - but I am not suggesting this is the norm!
Have fun.