First Friday is a definite must for locals (or tourists needing a reprieve from the hustle and bustle of the Strip--it's a different kind of hustle).
We head there straight from work; there are food trucks for dinner, entertainment, and exercise walking up and down the street trying to see everything. They've recently (within the last year) added a children's area to make it even more family friendly. There is always a bunch of live music in addition to performers up and down the street. If you go to FF and are bored, you're doing it wrong.
It is a nice change from the stereotypical Vegas atmosphere; local flavor, local culture, and a whole evening of entertainment.