Eyes to the Skies takes place 4th of July weekend every year. It has gotten quite big and is probably the top festical in the DuPage County area now. Many hot air balloons are released each morning and it is free to watch. Park near the swimming pool area and bring lawn chairs to the launch site. It's best to get there before 6 a.m. Rumor has it that you can get into the fair earlier in the day before they start charging (I believe by 4pm). You would need to double-check though. They always have a lot of entertainment though it tends to be people that aren't as hot right now (like Billy Ray Cyrus). The fireworks are always great.
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