I live in the Falls [God help me!] and we have an absurd number of strip clubs and sex shops, if that's what you're interested in.
Stay away from the downtown area, it's pretty nasty and seedy. Lots of fun museums and stuff on Clifton Hill. Two of my favourite restaurants are Mama Mia's [if you like Italian], and the Flying Saucer. The FS is tacky as all get out, but the foods actually decent and it's cheap.