In recent years many tourist types have shied away from Venice due to its somewhat violent and dirty reputation. The lovely LAPD stepped in at the request of local business and severely cracked down on gang activity in the area, making it plenty safe for the Johnson family of Bumbfuck, America. As of 2002, it is a rather clean and certainly a very eclectic destination.
As bitter engineer alluded to, one of the most dominant aspects of Venice Beach is the stoner culture. There is a higher concentration of bong shops on the boardwalk than any other place in Los Angeles. Usually the glass in these places is quite cheap compared to elsewhere (as well as the acrylic and metal for that matter) but quality varies widely.
The restaurants on the boardwalk also enjoy this wide range of price and quality. Mixed together with the pizza and ethnic take-out are such gems as: Figtree's Cafe which serves a robust range of healthy dishes (and is a personal favorite for breakfast), Sidewalk Cafe with an extensive menu (using celebrity names) and the best people watching around, and the incomparable 5 Dudley with a quirky staff, tiny space, spoken word menu and rather large prices.
Needless to say, Venice can be a good time for those with an open mind who would like to see some of the vast diversity that LA has to offer. And best of all, the people watching during crowded summer weekends is worth any effort you may expend in getting there. I hope this is helpful, be safe and have fun.
Additional free parking tips: Approach Venice by taking the 10 West freeway and using the 4th/5th street exit. Take a left (a right leads to Santa Monica and drops your near the 3rd Street Promenade) and head straight down 4th street for about 2 miles. Take a right when you hit Sunset Ave. (no, not the famous one) and you are now facing the Pacific. You can park for free pretty much anywhere in this vicinity and you will be about 2 or 3 blocks from the boardwalk.