The Cedar Falls Raceway is indeed located in Janesville, but the 15 minute drive is certainly worth it. You don't have to race to enjoy the scenery. The drag strip features very smooth track, as well as a nice tower, burnout box, and bleacher seating. The time displays and christmas trees are also nice.
The snack bar leaves a little to be desired, but the employees are very passionate about cars and contributed to the fun of the experience. It seems odd to be placed in the middle of corn fields, but I think it adds to the sureal feeling of racing!