I attended COTA MotoGP in 2017 and 2018 on VIP pass. Definitely an exciting and immersive way to see the races and glad that I did. The physical and aural roar while standing/sitting immediately above the starting line when the lights go out is a highlight (not so much the Moto3 bikes..!). Staff, food and hospitality are excellent. Not over-crowded; plenty of places to sit. Occasional guest speaker nice to see. Photo ops ok. Parking spaces are closer and easy to get in/out of. Meeting and chatting with others good (but you'll likely do that or not do that wherever you end up).
Paddock passes are extra - I have had paddock access elsewhere but not at COTA. Others I spoke to were very happy with their experience there and level of visibility and access to riders and team members. VIP pass holders do get a short track walk however; close viewing of all top riders getting into vehicles for BMW parade lap.
On the other hand, it can be too easy to remain in the cocoon of comfort, hospitality and video viewing, rather than actually experiencing the race. The straight (to me) is not the best viewing once a race is underway, and I found myself inside staring at the video screen a lot. Also very hard to hear any commentary. Sitting in a grandstand area (I have experienced and enjoyed Turn 15) you see a little more racing and experience more of the venue, and get the opportunity to walk around. I plan to go again in 2019, although I am not sure that I will get the VIP pass again.... Do you get what you pay for? Yes, I suppose. Do you really need it? Depends on the individual.