Plenty to do down there - boat rides, two castles, maritime museum, aquarium, beaches, walks, shops, pubs, cinema, train to Truro, etc. Endless possibilities in the rest of Cornwall. Can be tricky if the weather is wet, though. See http://www.falmouth.co.uk
That's a pretty big question - depends exactly when you're going, and what sort of crowd you're with. We only go when there's something interesting on, but there's usually something happening.
Hold on, it wasn't all "comedy pirates". There were some real ones that turned their hands to highway robbery - cars weren't allowed to pass without paying a ransom.
Had a great day at Falmouth's International Sea Shanty festival yesterday, and made a point of watching the Wellington Wailers, from the Duke of Wellington in Shoreham. Didn't know what to expect, but they were excellent singers, and most entertaining.
Anyone seen them up your way?
Edit: Some...