Just thought I'd give details on Carriacou during Carnival for those interested. We spent two weeks in Grenada, half of it in Carriacou at the Grand View Inn. The food we had in Carriacou was a lot better than what we had in Grenada, but we mainly stuck to the restaurants in Grand Anse in/around Spiceland Mall. In Carriacou, Bogles, La Playa, Kayak, Laurena II and the blue restaurant at Paradise Beach were all excellent and exceeded expectations. The Grand View Inn is great for Carnival, the sound from the parties doesn't carry that far. Buses between Hillsborough and the Grand View are EC2.50/person (short ride) if you don't feel like walking. Being on that side of town is good because you can get to the restaurants without having to get through the Carnival crowd.
We took the ferry to Carriacou the Thursday before Carnival weekend and it was quite full. If you're able, go to the Osprey Office in advance and buy your tickets so they're in hand and you don't have to wait in a big line on the dock. Friday night the big parties started - the area around the dock is where the main action is and there's parties there Friday, Saturday, Sunday and Monday nights. I don't think there was much Carnival activity during the day Friday-Sunday. We went sailing in the Grenadines with the Scaramouche on Saturday and Paradise Beach on Sunday. Paradise Beach was busy because of Carnival but it's not really that crowded, no more so than Grand Anse might look on a normal day.
Monday morning is J'ouvert/Jab-Jab. No need to get up particularly early, the party was still going strong by the time we went to Kayak for breakfast around 9-10am. Lots of people covered in paint and oil. Monday afternoon/evening there's a parade - I think we went around 430pm or a bit later and if you pay EC5, you can go into the stadium and watch everyone lining up for the parade and doing a practice run - totally worth it, especially if you want photos. The parade on the street passes quite quickly and I think it started maybe around 6pm.
Tuesday morning is Shakespeare Mas. It actually starts in one of the villages, I think Mt. Royal, and the participants walk down to Hillsborough for the main event, which I think happened around noon - right by the dock. The area got packed so you may want to go early to try and get a good vantage point. There's another party on Tuesday night but it gets shut down at midnight.
Wednesday was totally dead, a lot of places closed to get some rest after Carnival. Until this day, it was easy for us to find a place for dinner but luckily we went down earlier than normal because even by around 6pm most places were either closed or out of food and in the process of closing.
We didn't go to the tourist office until Tuesday when we were trying to figure out when/where Shakespeare Mas was happening - they were very helpful, we probably should have dropped by earlier. We used two different taxi drivers - the first one overcharged us from the ferry to the hotel, but the second one (Mr. Thomas) was fantastic.
Hope this information is helpful :)