In past years it was rarely a full-on track day. Usually the driver will be accompanied with a trained racing driver that is familiar with the track. They will constantly evaluate the abilities of the driver. If going too slowly they will encourage them to speed up within comfort levels, and show you the fast way around the track. If you are in full control of your car, and exhibit skills, they will usually let you run more free, while making sure you don't endanger yourself, them, or others by falling prey of the red mist.
There will be people of lots of different ability on the the track at the same time, and sometimes your instructor will encourage you to pull into the pits if you get caught behind a train, so you can come right out again with an open track in front of you.
Passing will be allowed at the discression of the instructor so that the hot shoes do not intimidate those with lesser abilities. Will not want you to do late braking and pull back in front of a slower driver who may not be used to racing tactics.
Lap times will not be kept on the big track (but more likely on the auto crosses) so it will allow some to slow down a bit to allow a clear space to open in front of them so they can be more exuberant.
Like a LeMans event, there will be differently prepared cars on the track at the same time. It will be up to the faster guys to determine when it is safe to pass, and when it is better to take a breather behind a slower, non track prepared car.
So it is somewhere in between. It is more like those early morning track events, when everyone is sorting out their cars, learning the track, and getting is some speed when they can.
So it is doubtful that you will have the track to yourself, and be allowed to get up to crazy speeds unless the stars happen to align for you on your track day.
I am afraid that since this is a wide open, world class formula one venue, that steps will be taken to allow every to have as much fun as possible while keeping everybody safe.
It will, however, give hundreds of Viper owners perhaps the only opportunity in their lifetimes to experience this level of a racetrack in their own personal vipers. Even the most experienced racers would be wise to take some time "coming up to speed" on a track that they have never experienced before.
In addition, it will give you the opportunity to get some inexpensive on race track coaching from some very experienced professional racers.
Personally, I would rather be given the opportunity to experience this spectacular, world class track, under controlled conditions, than sitting at home watching TV.
Just as for real professional race drivers in real races, you will be given rules of engagement. You will have track pit limits, you will have others to consider, and you will be expected to behave in a professional manner while on the track. You should not feel free to endanger others that are also out on the track in the quest to save a few seconds.
In addition, you can have the time of your life, and memories to last forever.
At a previous VOI, one kid got all full of himself and began doing burnouts at the world famous Indianapolis Speedway, even after being advised that such behavior would not be tolerated. Many owners had been looking forward to driving on this legendary track for many months, but the track officials (not VOI people) closed down the track before everybody could get their turn. Don't want to be that guy!