Perhaps my perspective is a bit different because I am originally from Houston, but I was lucky enough to live there from 1999-2001, and I loved it! Well, I did miss the Tex-Mex, but other than that it was great!
LR isn't a place you could spend several days and stay busy, but there are some things to see. Pinnacle Mountain is very nice, as well as the COE park at Maumelle. Like a previous poster mentioned, the Clinton library is also open now, and the capitol building is worth a look.
In terms of food, I recall a very good place called Butcher Shop located in off Shackelford that has great steaks. The BBQ places were pretty good, too - the one we ate at most was Corky's over in the Chenal area. Beware the coleslaw on the sandwiches, though. Apparently, that's the norm in Tennessee & Arkansas. We Texans tend to get our slaw on the side!
Shorty Small's on Rodney Parham was pretty good, too. They are famous for their onion loaf. For seafood, we liked Cock of the Walk just across the river on the west side. They have wonderful fried pickles and pretty dang good tartar sauce! For a big, and I mean big, burger, try Cotham's downtown and get a hubcap burger. They've also got chicken fried steak, salads, chicken, etc. Faded Rose has two locations - one not too far from the library on Rebsamen Park, and one on North Bowman. They use a bit of cajun flair in their food. Alley Oops on Kanis is good for just plain food - burgers and such. If you've got kids, they'll probably like purple milk shakes at the Purple Cow and they've got burgers, salads and such to go with them. Last thing I can think of is a chain - Ci-Ci's Pizza. I gotta plug this one because a very dear friend of mine owns the one in Little Rock on Rodney Parham.