Hopefully it will go ahead - the main protesters are the enviromentalists, and other UK racetracks who don't want any competition. However speak to anyone in the local area (my fiancée's dad included) and they are all for the idea, after all that area of wales is one of the poorest parts of the country since the steelworks closed down several years ago, unemployment is very high and the promise of jobs and investment is very appealing (whether these will actually be delivered is another question).
As for the location, yes it is on one of the highest points in south Wales, but its just common land out the back of an industrial estate. it has very good road links being just off the A465 Heads of Valleys road, and as such is easy to get to from Cardiff, Newport, Swansea, and Abergavenny.