Hi Paul,
I ran Moray Marathon a couple of years ago and it was my favourite marathon yet, not that I've done many. I think for me the fact that it was on home turf, originally from there helped, but I did meet a seasoned pro who was on his 200th marathon and had been returning to Moray from the Lake District every year for 10 plus years as he loves it. I do like the Moray races and always do one of them.
The course is gently undulating - there were folks running it at the same time as me who were complaining that they hadn't been told it was hilly. I wouldn't really say there were hills, except a little bit of incline at the start.
The course starts in the Cooper Park and then goes up slightly and out into the country. You go through wee wooded areas and out to Burghead, before following the coastal road along through Hopeman to Lossiemouth. Then it's back into Elgin from there. It's a good mixture of woods, open countryside and coast.
Small and friendly race, very well organised. As Duck says, if you're faster you can catch up with the half marathon folks which is a bit of a boost. Support is thin on the ground but if you're happy to run your own race you will enjoy it. Good camaraderie on the course.
Only downside is that it can be pretty warm that weekend. Ensure you've got the P20 on even if it's overcast in the morning as there is a tendency for the sea haar to burn off and leave a scorcher in it's wake. Not sure when entries open but you can enter late and get in without difficulty - the race organisers are also very accomodating and if for any reason you find yourself unable to run the marathon they will allow you to change races if you e-mail them.