Visitors 3

For most visitors Punta Arenas is just a gateway to famous Torres Del Paine National Park, but I found well worth spending couple of days. Sitting at Magellan Strait there is lots of History as well as Natural sights to take in. I flew in on an early morning flight from Puerto Varas, then after settling in a very good "Hotel Apart Endurance" went exploring.
One thing to note: This is Patagonia, famous for unstable weather and strong winds. My visit was in early March, which corresponds to early September in Northern Hemisphere, and had generally fairly stable conditions. Things worth seeing within City Limits:

1) Costanera Waterfront: Great walk with several Magellan Strait exploration Monuments
2) Plaza De Armas, with Famous Magellan Monument
3) Cemeterio Municipal Sara Braun
4) Lord Lonsdale Shipwreck
5) Nao Victoria Museum: Replicas of World Famous Ships

Day excursions I booked through one of several local Travel Agencies

1) Isla Magdalena: Walk with Penguins - a must
2) Fuerte Bulnes: Early colonial History of Magellan Strait

Regardless of your plans, if not in a time crunch, it is well worth spending a couple of days in Punta Arenas. Everything is reasoably priced (i.e cheap, for visitors from developed countries) and there is simply too much to see and do.
Flying HighPatagonia GlaciersPunta Arenas SignGoleta Ancud SchoonerEndurance MemorialOld Rusted Nautical EquipmentMonumento a Los VientosMagellan CirclePlaza De ArmasMagellan FootMagellan StatueFuerte BulnesFuerte BulnesFuerte BulnesFuerte BulnesFuerte BulnesFuerte BulnesFuerte Bulnes BeachMagellan Strait PanoramaFootball Arena