Visited in December so the square had the xmas market stalls out though they were exactly the same as you get in the nicer Old Town Square. The Square itself is nothing remarkable. Full of shops and a few restaurants in fairly modern buidlings.
Wenceslas Square of an evening is full of prostitutes. They're not in your face but they are everywhere with their 'pimps' keeping eyes on them. Shop till you drop here, ok like any other city center, but much much prettier. I went to Prague with friends and a few of them wanted to go to Wenceslas square. I had been before and wasn't that bothered about going as to is far to expensive and there are nicer places in Prague.
The square is also dirty and not very nice. I would give it a miss and spend your time around Charles bridge as it is much nicer and cheaper over there. It is more of a long boulevard than a square but it is still cool to check out.
Lots of hotels, shops and government buildings in the area. Some historical significance as it was the site of lots of protests during the communist era. I don't think you need a ton of time there but it is worth checking out. The czech version of Regent St. But with a touch of history, class and gorgeous architecture. It's not the statue of St. Wenceslas or the many fancy stores located around the square that I indicate you pay a visit.
It's the market with wood cabins that stand on the square on the part opposite to the National Museum. There you can purchase a variety of handmade souvenirs, quite different from the ones sold in tourist stores, clothes, hats, paintings real paintings, not reproductions and a lot of different local food.
