The one thing that's free in Portofino is its scenery, which you can enjoy on an amble around the town. Begin with a stroll around the harbor, which -- lined with expensive boutiques and eateries -- is stunningly beautiful, with colorful houses set along the quay and steep green hills rising behind them. One of the most scenic walks takes you uphill for about 10 minutes along a well-signposted path from the west side of town just behind the harbor to the Chiesa di San Giorgio (tel. 0185-269-337), built on the site of a sanctuary Roman soldiers dedicated to the Persian god Mithras. It's open daily from 9am to 7pm.
From there, you'll want to continue uphill for a few minutes more to Portofino's Castello Brown (tel. 0185-267-101 or 0185-269-046), built to ward off invading Turks. You can step inside the walls to enjoy a lush garden and the views of the town and harbor below. The castle is open daily from 10am to 7pm (to 5pm Oct-Apr) and admission is 3.50€ ($4.55), free for those under 13. There are great views back over the town; for some lovely views on this stretch of coast and plenty of open sea before you, continue even higher up through lovely pine forests to the faro (lighthouse).
From Portofino, you can also set out for a longer hike on the paths that cross the Monte Portofino Promontory to the Abbazia di San Fruttuoso, about a 2-hour walk from Portofino. The tourist office provides maps.
There's not much else to see in town, but most people are here to spend time on the water. If you're yachtless, one alternative is to take a dolphin-spotting cruise with Delfini Metropolitani (tel. 010-234-5666; www.incomingliguria.it). A 3-day catamaran cruise of the Levante, accommodations included, costs 560€ ($728) per person. You will be accompanied by a guide from the Genoa Aquarium and will receive lessons in marine biology and knot-tying.