Valencia is famous worldwide for paella, a rice dish made with mussels, lobster, shrimp, chicken, pork, sausage with pepper, saffron and wine, among other ingredients. Definitely, you will find the best paella of Spain. Valencia is the birthplace of El Cid, Spain's legendary hero. This is where he fought against the Moors and there are many festivals that celebrate the battle. No matter where you are in Valencia, you will discover that the city is very nice and the people are incredibly warm and welcoming.

Wikipedia does it better : http://en.wikipedia.org/wiki/Valencia,_Spain