First summer watching and it seems to me there are two ways to watch the show.
1. Watch the episodes as they air and steer clear of live-feeds, twitter, etc. The show actually carries some element of suspense, but you miss out on a lot of the behind the scenes stuff.
2. Go all in and at the very least follow the twitter feeds like BBLeak and BB Updates. Everything but the live show on Thursday is spoiled but you are getting daily recaps of what's happening in the house and what people are saying without much of a network filter. Obviously watching the feeds yourself is really taking it to the next level and like Vito said, probably immobilizes you in front of a screen for three months.
I started with number one but have started reading all the twitter feeds and spoilers. I think the tradeoff of getting a lot more info on the housemates at the expense of a little drama on Sunday and Wednesday is well worth it. Plus the fantastic bits like this...