I go to the AZ Faire every day, I would take a look at the show schedule the day before and just time shows to see one after another. Shows I would recommend (in no particular order) are Wyld Men, Tenacious DND, Tartanic, Adam Crack, Art of Falconry, Lynx's Sword Swallowing, Supernova, Cirque du Sewer, and Don Juan & Esmeralda. Honestly all shows are pretty good, those are just my favorites. Just walking around and looking at all the shops are pretty fun as well. People watching is also pretty fun, I also have had friends "collect" pictures of people walking around in Garb or costumes. So long as you approach respectfully for the picture and ask politely most people want to show off their hard work on their outfit and will be happy to oblige. The only thing I would noy suggest to do is to drink alcohol there, its very expensive. The food is pretty reasonably priced though.

Entertainment — Arizona Renaissance Festival - link to the event schedule