I've done the half marathon - from what I can remember ... first couple of k hilly and scenic, then you hit the 'burbs and the coastal road ... which is OK. Then there's a monstrous out and back along an undulating dual carriageway where you might as well be in Staines or somewhere ... that's about 10k maybe ... then the half marathoners finish and I think the marathon goes round the coastal path, which is fine unless there's a strong wind! Lovely atmosphere and the organisation is suitably ... Icelandic. Has the potential to be a fast course, but the weather will play a bit part in this!
If you haven't got accommodation sorted out, the youth hostel is great if you're on a budget, the central campsite will be heaving and very noisy; we camped out of town, lovely and quiet.