I watch my PPVs at bars. Better IMO to watch fights with big crowds who are also all there to watch the fights
I live in Chicago suburbs as well. The places I normally go is Fox & Hounds (2 locations, Arlington Heights and Schaumburg). They have a 5 dollar cover charge, but thats the places that get the best crowds.
Other places is Chaamps Bar&Grill in Schaumburg, they dont have a cover charge but you NEED to get there at least 1.5 hours in advance to get your name on the list for a table. Good food and and its FREE, but it's a pain in the butt to get into a table.
The Stadium in Rolling Meadows is a shit-hole, but they have by far the best food and drink specials. They have a 5 dollar cover for fights, but to make up for it you can get 32 oz domestic beers for $2.75 (ITS THE MONSTER MUG!!). They also have a very very large selection of beers, over 200 I believe.
You can also catch the fights at Idols in Palatine. I don't go there though be cause its pretty shitty inside.
I'm sure all places will be showing the basic cable event as well before the PPV.