I have been to several renaissance fairs throughout the years.
Yes I love them. It is festival is an outdoor weekend gathering, usually held in the United States, 
Yes, my favorite part is dressing up in Renaissance fashions.
Yes I love the fact that there are always enough costumed entertainers
I also love the food and entertainment. I love seeing the older instruments that they played back then.
I have stayed overnight before and some offer campgrounds for those who wish to stay more than one day
Thankfully, mine are always nearby, so I've never had to stay the night. It sounds like fun, though.
The history of this fair goes back as far as  to the  reign of Queen Elizabeth I of England.