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Going to Valparaiso and not going on the ascensores (inclines) is like going to Venice and not taking a ride on a Gondola, only that the ascensores cost as little as 100 pesos. They are also of practical use as they help many local people get to the higher parts of town, saving them from having to walk otherwise long and steep pedestrian routes. Many however are undergoing repair or do not run at all, however even then they allow for some interesting pictures.
Naval and Maritime Museum
This museum is dedicated to military naval exploits and battles, and puts a large focus on the Chilean victory against Peru and Bolivia in the War of the Pacific.
The central square near the port and the heart of the old seaport city.
one of three homes of poet Pablo Neruda
Similar to La Chascona in Santiago, this house offers included audioguide tour of Pablo Nerudas house in Valparaíso.
Fine arts museum with mostly Chilean artists but it also has a section of artists of European origin. The palace is a mansion, formerly owned by a Croatian businessman, Pascual Baburizza, and is a sight of itself. It was turned into museum in 1971.
Chilean Parliament
The National Congress of Chile (parliament) is surprisingly not in Santiago but in Valparaiso, and heavily guarded. It is not possible to visit, but it's next to the bus station and in the middle of the commercial district.
Two floors of exhibits, focusing on the natural history and geography of Chile, particularly the cross-section Juan Fernandes, Valparaiso and the Andes following the latitude of the former two. Biogeography and geology dominate and the museum does a good job showcasing Chile's incredibly diversity both on dry land and the Pacific Ocean.