This town, just a few km from the falls, has many hotels of reasonable quality that are not too expensive. The most luxurious and expensive of them is the International Hotel. This hotel is situated right by the falls. There are also many cheap ones and camping sites.
All large hotels have good restaurants, offering both Argentinian and Brazilian cuisine.
However, to get better views perhaps the Brazilian side might be better. Every hour buses marked Cataratas or parque Nacional leave the central station for the falls. The journey takes at least about 30 minutes. Once you descend from the bus, you will enter dense undergrowth paths to the falls. The most exciting part of the hike is crossing the narrow bridge that leads almost into the heart of the falls and being soaked to the skin by the flying spray.