Its a very vibrant and lively area, very close to Charing Cross, Covent Garden and Leicester Square. Lots of places to eat and drink.
North up Monmouth street, there are a number of restaurants and pubs and quirky little coffee shops. At the top of Monmouth street there is a basement cocktail bar Freud that do some good priced cocktails.
You are not too far from SOHO too, I recommend a trip up Old Compton Street on a Friday or Saturday night.