Easily one of the nicest NBA arenas I've been in. I've seen games in Madison Square Garden and the Palace of auburn Hills which have much more history but aren't as intimate and beautiful as Bankers Life Fieldhouse.
Section 1 is pretty good. You can either sit on the first level behind the net, or sit a little higher on the Krieg Devault club level (2nd level). Section 1 has two parts. Sitting higher will give fans a better perspective but there is nothing like sitting down next to the floor and hearing the players call for the ball, the squeek of their shows, etc. When I sat here, the Pacers were playing the Charlotte Bobcats. I was able to get pretty close without spending a house payment on tickets since it was a weeknight game against a not so worthy opponent. Row 19 isn't bad at all; close but not too close.

There is a lot to do in downtown Indy - plenty of hotels within walking distance of the Fieldhouse. I highly recommend stopping at RockBottom Brewery before or after the game for drinks. There are other cheaper restaurants like "Steak and Shake" and food in the Circle City Mall if you just want something quick to eat before the game.