When we go to Colonial Williamsburg we always spend a couple of days. For a family there is a Holiday Inn Express on 60 which is not far away, there are also several good hotels on 5 (Capitol Landing Rd) just off the Colonial Parkway. I've also stayed at the Newport House Bed & Breakfast which was very nice but a little more pricey. If you're visiting the historic area, park in the parking garage on N Henry & Prince George St (on the west side of the area, next to William & Mary). They heavily enforce the 2 hour parking on the lots, so if you are spending lots of time just park in the garage.
Between the historic area and W&M is a small shopping area (south of the parking garage)- take a nice dinner one night at the Trellis restaurant and have the Death by Chocolate dessert (the Chef there started it).
Take the trip down the Colonial Parkway to Yorktown, it's very scenic and old Yorktown has some nice old buildings and a couple of shops. I hear Jamestown is also nicely done; however, i've never made it there.
You can find a lot of information at the Williamsburg Visitor's Center. Get the full pass to let you in all the buildings- during the off season some of the buildings in the historic area are only open on certain days so spending a couple of days is needed. If you have no special date to go I would highly suggest going on the first weekend in December for Grand Illumination. The town is decorated for Christmas and there is a huge fireworks show, fife and drum concerts, etc.
If you like woodworking (don't we all?) don't forget to go to the cabinetmakers shop! Meet Mack Headley who you may recognize from woodworking magazines. He is an incredible woodworker and a very nice person to talk to. The work done in the shop is amazing. The rifle maker is also an amazing place to visit. Oh, I could go on and on of great things to see. I hope this helps, and I hope you enjoy your visit. We go back every other year for vacation and still enjoy it.