Dining:
Hofbrauhaus Newport - If you enjoy large mugs of beer, german style food and dancing on tables
Jeff Ruby's Steakhouse Downtown - If you want a pricey dinner, but one of the best steaks you will ever eat.
Montgomery Inn on the River - If you want to have some pretty good, sit-down style, barbeque at a pretty good price.
Graeters Ice Cream - Doesn't matter where you eat, this is your dessert location of choice.
Places to see:
Ikea? - Unless you have something you are specifically planning on buying, that place will make you want to run straight into a wall. It sounds cool, but is like a giant maze with no exit.
Jungle Jims is off 75 near Ikea, and The Party Source is in Newport near the Hofbrauhaus. If you have the time to do both, its definitely worth the walk thru both. Hide your wallet though.
Newport Aquarium is a nice place to stop, especially if you have kids. Its clearly not Shedd's, but for it location, they have lots of nice exhibits.
The Art Museum is free admission and they have some very nice pieces on display.
Places for a drink:
Morlein Lager House - Not sure when you are coming or when it is supposed to be open, but I have heard this is going to be a very nice venue
Beer Sellar Newport - 60 beers on tap, 125 bottles and full liquor
Hofbrauhaus - See above