Navy Pier is a touristy area just east of downtown Chicago. It is within walking distance, but it's probably about a 3 or 4 kilometer walk from the downtown area. During certain times of the year (summer), there is a free trolley service that operates from the pier. The pier itself is home to many tour boat companies that offer boat tours (such as Shoreline Sightseeing - Architecture River Cruise. There are cotton candy vendors, ice cream vendors, and candied nut vendors along the pier, in addition to a number of restaurants.
Many of the attractions seem to be kid-based. There is the Chicago Children's museum, and several carnival type rides. There aren't many adult attractions. It just seems like it's a place where you can walk up and down to say that "you've done it", and spend some money along the way. One exception to this rule is the Smith Museum of Stained Glass - it contains quite a few stained glass windows that are really quite beautiful. If you're in the area, be sure to check it out.
Free
This is a public area. Casual dress, such as shorts and a t-shirt, are fine.
The amount of time you spend here depends completely on what you want to do. Simply to walk from one end to the other and back takes approximately 40 minutes. Additional attractions, such as the Smith Museum of Stained Glass, or a boat tour from the pier, (Shoreline Sightseeing) increase the amount of time you would need.
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Shoreline Sightseeing - Architecture River Cruise
Smith Museum of Stained Glass