Yes, definately try to go to tomorrow night's TFC soccer match at BMO field if you have any interest in drinking beers and watching footie. The crowd is usually super entertaining.

With a sprawling city like Toronto--and its many boring in-between areas--you unfortunately have to do some shrewd planning to get a thoroughly good impression of the place. My point is that you could walk part of the waterfront or see the island(s) before the game (BMO field is basically on the waterfront). Have a transit map on you, otherwise you'll be forced to take cabs or walk boring areas for most of the day...bleeegh. Toronto's city planning absolutely sucks and defies intuition, so you need to know where you're going.

What came of the Distillery area? I haven't been there in years. I'd say you definately have to check it out, but a quick Google yielded "Toronto's Hippest Area" and scared me away from discovering more about what's happened to that place. Either way, if the weather's nice and you want to do some outdoor eating and drinking, I'd say it's a good bet.

Edit: Oh yea, China Town is great, even just to walk through. Find a good recommendation and you'll be eating some of the least Westernized Chinese food in the West. It's also very central, so from there you can make your way to other things downtown.