quiltingshorttimer, I'm not Melody, but I can share my experience with you. I find I need at least 2 days... one for the show and show vendors (there is a huge separate pavillion of vendors in addition to the ones in the show building), and one for the local shopping. You can spend another half a day if you go to the Quilt Museum. I usually skip it because I am so "quilt saturated" after the show. My plan is usually to drive in as early in the day as I can (leaving Memphis at about 5:30am). Then I go straight to Hancocks and shop as long as I want. Then I go to the downtown area and shop all the little 'pop up' fabric stores, as well as QIAD. While in that area, I eat lunch at Kirchener's Deli and Bakery. Not to be missed!
My second whole day is spent at the show and vendors. I only get the ticket for one day and it's usually enough. I don't take any classes. On my third day I revisit the shops I want to see again, and anything else I haven't gotten to yet. (Not the show). Then I leave for home in the afternoon.
Hotels in Paducah cost quadruple during show week, and you need a reservation a year in advance. The one exception in the area is the big Harrah's hotel I mentioned in my post above. It's just outside of Paducah, over the bridge in Metropolis, Illinois. They quadruple the room prices too, but it was so much cheaper to begin with that it's just like a regular hotel rate during quilt week.
Hope you and your friends get to go! It's so much fun.