So, water? But there's also a Ferris Wheel to ride while you dry out, and a couple of good restaurants just outside the carnival district. If you're into ice wine, there's also some places that will let you sample their product just up the road, past the Whirlpool.
The attraction IS Niagara Falls or you could get lucky and see a ba<x>se jumper
you're going in January? That is the absolute best time to go. The time I recommend to anyone who hasn't been to the falls in January. It's indescribable when it's really cold. I can't imagine there's anything else like it on Earth.
The camel rides
The falls themselves. Once you get there you'll understand.
theres water and crap