This is the best place to come for knock-off counterfeit bags, clothes, watches, DVDs etc. DVD's are normally around 100 baht each and there's plenty of stalls with a huge range. It's probably wise to play them before you get home so that they definitely work but I bought some and had no problems. The clothes are pretty good quality and are normally well known brand named products. I found this place to be a lot better than what was on offer at the Chatuchak weekend market. Haggle hard.
I guess there is kind of a night market on this street. I usually just walk past them to the food and bars (the last I heard, alcohol has been driven off this street by the police). I don't know about now but if you just want to chill out, grab a beer and some pretty decent street grub, then Suk is pretty great. You can point at what you want and take your chances. Usually open till the sun comes out. Try to find Female bar owners as they are usually not quite as aggressive but they will usually hit you up to buy them drinks. But hey, as a tourist (even backpackers) can afford the 100 baht to keep everyone happy.
Dress Code: Dress code?
Every area has its own market, particularly night-markets. My favourite, mostly because my hostel was nearby, is the night market along Sukhumvit Road, roughly between the skytrain stops of Asok and Nana. It's not very big but at least it sells some local handicrafts. it sells plenty of imitations (watches, bags, clothes): expect to have to bargain hard for imitatons, and remember that, however little you pay, the quality is extremely low. A friend bought a handbag which lasted exactly 3 days before falling apart.
Dress Code: yes, you should be dressed