17 mile drive is great and all but I didn't think it was worth the money. The road that runs along the coast from Asilomar Beach along the coast is just as good and free.
Also, there are a lot of great places to eat. With MIIS and DLI right there, there are a lot of resturants operated by foreigners who cook in their traditional styles, so you don't have to suffer through Americanized versions. Some of the better ones are Petra's in Pacific Grove, Maha's on Alvarado, China Chili in Seaside... The one thing about China Chili is that if you order off their regular menu you'll get the Americanized Chinese food. They have all their traditional dishes on a chalk board when you walk in the door. It's all written in Chinese, but if you ask your server to help you out, you won't be disappointed.
Also, if you are planning on staying the night, the hotels in Monterey proper get expensive on the weekends. If you go out to Seaside or Sand City you can save a fortune on hotel rooms.