Dang, RB, that's an impressive memory you have.
Yes it's still heavily involved in iron and shipping. The best iron ore is almost entirely gone but a new process was developed to extract iron from a less rich ore called taconite. They've also made some other city sponsored efforts at revitalization in tourism and high tech. Some worked, some didn't.
Away from the touristy areas there are still some really rough, harbor town style areas, i.e. dive bars filled with sailors and prostitutes.
The locals are indeed inventive in entertaining themselves. I've seen some nutty stuff while hanging with my friends. You know, public nudity, pie fights, midgets fleeing burning cars while carrying a stack of pizzas, that kind of thing. :cheers: (OK, I didn't see that last one, I just heard.
) Last spring when I was there I ended dressed in a clown outfit with a megaphone trying to sell art as a kazoo, accordion and gong band played.