Besides enjoying the beauty of this small town, hiking the trails to the other towns is definitely worth a day or two in the area. See Cinque Terre for more information on the paths.
Ostello Cinque Terre is the largest hostel in the area and one of very good quality attracting people from all over the world. Includes dorm rooms with en suite bathrooms, laundry, food services, internet access, etc. It gets very busy in the high-season and they will not reserve less than a week in advance.