The Graceland tour was great, but definitely overpriced. You ride a tourist bus into the compound and take a tour of the estate including his living room which can only be described as be macabre chic and an equestrian compount which has horses. The museum on site that features some of his costumes and plaques was one of my favorite parts.
Tip: Try to find coupons prior to coming.
Bring a sharpie or fat permanent marker so that you can leave a fan message on the wall that outlines the compound. There were markers there when we went, but we may have bedn lucky.
Skip the VIP tickets and you can find better places to eat than what this tourist attraction has to offer.
If you come during rainy season, bring an umbrella and rain jacket and rain boots. We looked high and low and couldn't find any as stores across Memphis will ne dold out especially during the huge Memphis and May Festival (wellies required!).