Brad,
I have been the last 2 yrs. We leave Kent narrows at 8am and arrive by 9. I anchor off of the rock wall near the academy. The CG puts a temporary channel into Annapolis but it still fills in with boats. Last yr. there were over 1000 boats anchored.
You can see the airshow from almost anywhere in that area. I know they close it down in a few places so try and arrive in time to get a good spot, earlier the better.
One yr. we got a mouring in the harbor but the view was not as good as near the river. Once we anchor we call the water taxi and he takes us into town for a while to waste time.
When leaving, after the show, it is a little crazy and you are headway all the way out to the channel markers at the entrance to the river. But it is a great show!