A nice place to visit, but I wouldn't want to stay there.
It's fun to explore the many back alleyways and storefronts of this bustling (almost too bustling) part of Bangkok. I was amazed at the selection of goods that were available for purchase. Overall, the shop keepers were a lot friendlier and less pushy than thier counterparts at Chatuchak or Sukhumvit markets. I was really surprised at how many shops were in the business of selling coffins and rooftop shrines. Good photo opportunities are at every turn.
The cuisine to be found here is exotic at best, and unpalatable at worst. We managed to get a good chinese meal for about $3 a person. Stick with cooked food, unless you want a buggy surprise.
Though it's a vibrant area during the daytime, Chinatown tends to be a bit seedy at night. Avoid staying in the area hotels unless you enjoy extreme travel. You're better off staying in hotels around the World Trade Center (near MBK) or along the higher soi's of Sukhumvit. Of course, some of the best hotels are along the Chao Praya River, but the stink of that waterway would probably make me avoid the likes of the Changri La Hotel, despite its insanely good reputation.
One other thing about Chinatown: The traffic is absolutely the worst there. Taking a tuk-tuk is probably the best way of getting in or out of there.