Most of what is worth seeing in Punta Arenas radiates out from Plaza Muñoz Gamero, the small central square ringed by belle-époque mansions that the city's sheep-and-shipping millionaires built between 1880 and 1910. You can walk between the cathedral, the regional museum, the cemetery and the waterfront in an afternoon. The other big draws — Magellanic penguin colonies, replica historical ships, and Fuerte Bulnes — are short excursions out of town, mostly half-day trips along the strait.
Bring warm and waterproof layers even in midsummer. The wind here is famous: locals say if you can lean into it without falling over, it's a calm day.