If you're looking for nightlife, stay in Maputo. Otherwise, head north - it gets more wild and beautiful the further you go.
As for things to do - go diving. Mantas circling, groups of whale sharks, hundreds of fish, and all those little things for you enthusiasts: nudibranchs galore! I dived with Diversity Scuba - great bunch, really friendly!
The food's great too: seafood especially. But why go to a resturant? Get the ingredients cheap from beach sellers (1 kg prawns for Mtc10000) and the local markets (garlic, piri-piri, oranges).
I got a bus from Joburg, South Africa. Ten hours to Maputo. After a night there at The Base Backpackers, I took a bus up to Inhambane (7 hours). A 40-minute chapa ride will get you to Tofo. Don't forget to haggle - Mtc15000, no more, or they will rip you off. In Tofo, I stayed at Fatima's Backpackers. I recommend Bamboozi, though - good reviews from there. Right on the beach with reed huts and rustic facilities. Nothing but the sea and the frogs calling from the nearby marsh to lull you to sleep. Ahh...
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Walking in Maputo is fine in the right areas (backpackers may provide you with a map). Buses are good and cheap. To get back to Maputo, I took a chapa to a remote village and just stood by the road till a bus came by. Ea-sy! Chapas are the best, though - just practice your friendly haggling!