Hi promopro ~
The above link shows where Mermaid is (A) and where Falls is (B). You will notice that the Mermaid is north of the Blue Bridge (Johnson St Bridge) and is on the Gorge waterway, a quiet almost backwater feel to it. Enough water traffic to be interesting and some birds, such as herons who fish there. The shore up that way is what I would call undeveloped, remaining in a fairly natural state over many years. The harbour ferry has a dock nearby that you could take under the Blue Bridge and across the Inner Harbour to the wharf in front of the Empress Hotel.
A VERY nice evening stroll is just over the Blue Bridge from the Delta Ocean Pointe all along the Songhees Walkway to about Head St and Paradise. Along the way is Spinnakers Brew Pub, which is wicked for breakfast. On the map following, just look at the squiggly walkway line along the waterfront. Spinnakers (harbour ferry dock nearby) is beside Lime Bay Park:
The Falls is a fairly new development, maybe 3 years old. It is the complex that the Chateau Victoria Hotel guests grumbled about as it destroyed any view from the rooms there! It is in centre city, one block to Government St and tourist shops as well as the Inner Harbour and the entertainment and buskers who spend their summer days there. A few short blocks to the Royal BC Museum, and Beacon Hill Park. There is a Brown's Social House (resto) on the corner - I can recommend their Dragon Bowl, Veggie burger, Hollywood Burger, Hickory Burger, but not their Quesadillas. From the Falls you can begin visiting right away, from the Mermaid, about 15 min walk into town.
Hope this info helps you to make your decision.
Edited: 9:42 pm, January 12, 2013