What a waste of time! Unless you have to go there for an expo or meeting, or are traveling with small children, don't bother going at all. On many days it is crowded, loaded with screaming kids, and has nothing really interesting to most adults. It gets boring quick. You can walk through it once and say "that's enough, lets go."
There are shops, a food court, IMAX theatre, children's museum, entertainers walking around the pier, and the famous ferris wheel. In the summer, there is usually live music outside. Its like a circus.
The event space is great, especially if an event is taking place at the ballroom at the end of the pier, but spending time at the rest of it, no thanks. I honestly think the city opened up Navy Pier to lower congestion at other tourist areas of the city.
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At Least Do This: If you have small children, they will probably love it here, and it is overall a good family place. The ferris wheel is good.
If you must eat here, Charlie's Ale House isn't bad, but try Chicago legend Billy Goat Tavern for a "cheezborger".
Some sightseeing and dinner cruises leave from here. The sightseeing cruises are decent (haven't been on a dinner cruise, don't plan on it).
Also, go to the end of the pier and enjoy Lake Michigan. You do get some great views of the city from here.
Alternative: Walk through just to say you went, but go to one of the museums - you will enjoy it more and will have a better experience.