Colorful houseboats decorated with potted plants in what little space is available, people out sunning themselves for what brief amount of sunshine there is, Little Venice has such a continental feel. In fact, it doesn't feel like London at all. However the many houseboats and way the canals look are more reminiscent of Amsterdam, than the Italian city it takes its name from.
It's relatively cheap to take a boat trip starting in Little Venice and ending up at the London Zoo or Camden, if you don't mind being crammed in with other tourists. I saw some people enjoying their own private boat, cruising along with friends, but unless you fill the boat to capacity which perhaps defeats the purpose, you'll be paying a lot per head. So if you already know someone with a boat or purposely make friends with one, you'll most likely be enjoying the canal from land with the rest of us. However it's probably the best way to view the canal and area, and it would be safe to say it's one of the most photogenic spots in London.
You can walk all the way to Camden or just to Regent's Park, but then there's no reason to leave the picturesque area of Little Venice where the Grand Union Canal and Regent's Canal meet. There's the Waterside Cafe, a little boat turned cafe on the water and further down an area where loads of tourists queue for boat rides. When you walk further down to Paddington Basin, the area nearest Paddington Station, it becomes a little too similar to Canary Wharf. There are huge office buildings, a few boats that act as offices, and a couple ugly buildings that look to be from the "60"s. But it is still worth walking down all that way to see how unbelievably close to Paddington Station this little oasis is.
If you take the canal the other way towards Regent's Park, there comes a point where you can no longer walk right alongside the canal as it becomes a private area where only people who actually own boats can enter. However this doesn't matter because as you walk along the road and are nearing Edgware Rd you happen upon Cafe Laville which will make up for not being able to walk alongside the canal, as it sits directly on top of the canal on the Maida Vale Tunnel. That is, if you can get a table. The cafe is quite small and with a view like that, very popular.
Little Venice is best for strolling and taking in the view. On the Saturday afternoon I was there, it had the relaxed and friendly vibe of a small town. There were people walking their dogs, guys roller-blading, couples walking and chatting, as well as a few people walking purposefully, most likely towards Paddington Station. Still, it's easy to forget that you're in the middle of a fast paced, active city.