If great water views inspire you to relax, eat and take in the atmosphere, then this is a great place. You can make it cheap and cheerful by bringing your own picnic or cooking a barbecue on one of the free BBQs.
If that just sounds like work, then there is a kiosk near the playground which has tasty gourmet treats, mind you for the price you would be better off enjoying the modern cuisine and table service of Savichees Cafe Bar across the road. If you fancy a finer dining experience then the more upmarket restaurant Sugaroom is sure to please.
Around the corner at Jones bay Wharf is more dining options. Cafe Morso has a fantastic breakfast/lunch menu which is reasonably priced or if you really want to indulge in some amazing seafood, Flying Fish is at the end of the wharf, however, a booking would be advisable.
If you looking for a place to play, for children or for sports, there is plenty of space at Pirrama Park. The park sweeps the foreshore from the end of Harris St around to Jones Bay Wharf and features a children's playground including an area for water play. While its not the calibre of the new Darling Harbour Playground, you wont have to fight the crowds or lose sight of your children.