There are some shops centered around the film industry, deeper in is the Hearn (grandfather worked there in the 50's -- it's a nice building on the outside but requires massive amounts of maintenance to see life in the future. It's still well-used by the film industry.), Pinewood Studios Toronto, there's a garbage/recycling centre, and truck yards, empty lots, overgrowth, and an old fireman's club... and the Keating Channel pub. If you've ever worked the film industry in Toronto, you probably know the place.
When you compare Toronto's waterfront to other cities -- I get it completely. It's nowhere near as done up as say, Seattle or Boston. It's because it has an industrial past.
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That said -- much of the city does have a nice waterfront. The Port Lands area in question is the exception here. The east end was the boardwalk and beaches and even Ontario Place on the west end is getting an overhaul, starting with the new Trillium Park: http://ontarioplace.com/en/park-trail/