They have fireworks over the falls...I think it is every Friday night and holidays. They start around 10pm but I would suggest getting there earlier to secure a good spot.
The new restaurants down on Clifton Hill are good...but not exactly cheap.
I would also recommend the Jet Boat ride based out of Niagara-On-The-Lake...nice ride and you can catch some whitewater in it. Bring a change of clothes, you are going to need it. They have to be booked in advance, but you can do that over the phone, they have a website
Jet Boats Go early and explore the little town. it has a ton of little shops and all the buildings are from the turn of the century. If you like jams and jellies there is a little place on the main street that sells every imaginable kind of jam and jelly there is...the strawberry and champagne one rocks...stock up...
Maid of the Mist is a must do. Top attaction on my list? The Bridal Veil Falls walk on the U.S. side. From the Canadian side it doesn't look like much...but you walk along wooden steps that go up the side of the falls and it is fucking amazing. Go up to the hurricane deck....far upper right corer you will see it juts out closer to the falls...go there...you will probably have to back into it....the water will feel like hail...but well worth it. Stand on the hurricane deck, put your face up to the sky and just take it all in...it is like nothing you have experienced before. It is also cheap...I think it is only about 5 or 6 bucks US and you get to keep the water sandals they give you. Save these for your jetboat ride so you don't ruin the sandals you brought with you. Hubbies didn't last too long but the rest of us were able to wear them for days and days.
Accomodations: Stay on Clifton Hill if at all possible...everything is there and it sure cuts out a lot of time walking. If you can't stay on Clifton Hill then you will need a place to park. Going up Clifton Hill from the Falls, before you get to the top where the train tracks are you will see a road on your left with a small green parking sign. Parking there is plentiful...trouble is most people don't notice it and it is CHEAP...(like 5 bucks)...if you park right by the falls ...they charge 12 to 18 bucks and while you are close to the falls...it is a good walk getting to where everything else is...so save time and park on the hill.
No, I don't live in Niagara Falls but I have been there about 20 times. Everyone should experience it a couple times in their life.