This is a good place to buy tie-died hippie clothes, truckloads of cheap souvenir tat, and overpriced Chinese food. It's probably very good - I've enjoyed what I've had - but I would usually expect Chinese restaurants in a China Town to be quite cheap. Instead they sell probably the most expensive Chinese food I've seen in Japan. I guess it may be more authentic?...
You can also see Japan's most over-merchandised character in - wait for it - a panda suit!!
On a less snarky note, it's also a place to walk around while munching on a nikuman (Chinese steamed bun) or eating an icecream, or some hot chestnuts. You can buy various Chinese ingredients, tea, and cooking tools here. I always go here to buy jasmine tea; they're the cheapest and best tea bags I've found. Fortune tellers also do quite a trade here.
This place can be a little sleepy and quiet on weekdays, but on weekends it comes to life. You can also go and be traumatised by the paintings on the walls of Ishikawacho station.