Yeah, it's kind of a tourist trap type of place with various illusions to make it look as if gravity were being defied. Can't say that I was terribly impressed with it.
The Boardwalk and the Santa Cruz Wharf might be more entertaining, and if you want to drive over the hill, there are plenty of attractions in the Santa Clara Valley including places like the Tech Museum or the Winchester Mystery House. Additionally all the way up the Peninsula to San Francisco there are sites like the Stanford Linear Accelerator Center (SLAC to the locals), Stanford University, the headquarters of companies like Apple and H-P, and of course, while you're here, you've got to make the trek into San Francisco if you have been there before. On the other side of the hill, you could head south to Monterey, Carmel, and Big Sur from Santa Cruz. If you play golf, there's some great golf courses in both the Santa Cruz area and more expensive ones in the Monterey/Carmel/Pebble Beach areas.