There are parking spots on both sides of the bridge and you can go right down to the water - though be careful - the water is fast and there are undertows so watch your kids! If you stop on the east side of the bridge (pictured here) there is a plaque with the details of bridge construction (and reconstruction). On the western side there are picnic benches. The town itself hosts some small galleries (the Pakenham Studio Tour just happened to be on this weekend as well), several picturesque and historical churches, a General Store complete with fabulous smelling bakery and a restaurant with an enticing sign that reads "warm beer, bad food, come join us" (or something close). In June, July or August stop by Cedar Hill Berry Farm to pick strawberries, raspberries or corn. The town is also very close to Mt. Pakenham for skiing and Fulton's Sugarbush for when the snow is down or the sap is running.
