It's a lot of boats anchored in small area. Unlike the airshow at Quonset, where you could anchor almost anywhere in a large area so everyone is spread out, at Ft. Adams, everyone is anchored close to to fort to hear the music, so it's much more congested. If it's not too windy, it's not so bad, and it can be an interesting scene to watch. It's worth checking it out. If it gets too crazy, you can just anchor out further and enjoy the day.
As far as overnight, there are a couple of anchor fields at the south side of the harbor. I've anchored just south of the cable line off of Ida Lewis for the day without any problems. Lots of boats anchor there overnight. I believe there is another area in Brenton Cove but I'm not sure on that. Old Port, CH 68, provides a launch service throughout the harbor.
