Great embarkation port--perfect for walking and people watching. Ignore anyone who says city is unclean and unsafe. On second morning I took a nice excursion with a boat ride through the Tigre Delta.
Beautiful colonial architecture--plenty to see within walking distance from port. Best port to visit a working ranch from, though I took a specific city tour instead.
Skip Beagle Channel cruise--overrated and overcrowded unless you get a private charter. Explore Tierra del Fuego Natl Park on your own rather than be herded with a group.
If two ships are in port, do not take ship excursions as they all go to same entrance of national park/waterfall--ridiculously overcrowded. If you are into shopping, this port has more native goods withing walking distance than the Patagonian ports.
Coastal areas and wineries near port of Valparaiso definitely worth checking out. City tour of Santiago much better if on a weekend day, otherwise you cannot get close to downtown square government buildings.
More 
