I don't know if the politics ever subsides, but they are racing.
Starting Aug 6, all races are 2 boat races. That begins the semi finals for the Challengers. It will be Artemis vs Prada in a best of seven series. They will race Aug 6, 7, 10, and 11, Then Aug 12, 13, and 15 if needed.
They moved the start time from 12:15 to 1:15 for these semis. They have a wind limit, so I would bet some of the races might be pushed - they have reserve days for the make-up races.
The Challenger Finals start Aug 17 and there will be 2 races per day in the Finals. New Zealand is already in the finals and awaits the winner of Arteis and Prada.
Then the Full Americas Cup Finals begine Sept 7
Here's the schedule
http://www.americascup.com/en/schedules/races
From a viewing perspective, people onshore have as good if not better view than being out in a boat (except for the start)
Marina Green has a great view. Also the seawall at Aquatic Park, almost anywhere you can get to the water along that stretch.
Actually, the end of Pier 39 has a good view as well.
The only thing you can see at the Americas Cup Pavilion (Pier 27/29) is the finish line. However, they have big screens set up and you can watch the TV coverage which is quite good.
Replays here (scroll down and look for "replays")
http://www.youtube.com/user/AmericasCup