Flagstaff is a larger, more mainstream town than when I lived there as an undergrad, but it remains a great place.
See
http://wikitravel.org/en/Flagstaff and
http://www.highonadventure.com/Hoa02...n/grndcnyn.htm for some ideas.
I strongly suggest starting your day with a cup of joe at Macy's. If you have the time and the inclination, rent some mountain bikes from ask for a map to Fisher's Point. It's a modest ride that I really love.
Post a trip report when you get done - I can never hear enough about Flagstaff.