From the New York Times, May 8, 2008

Introduction to Lisbon
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In its golden age, Lisbon gained a reputation as the eighth wonder of the world. Travelers returning from the city boasted that its riches rivaled those of Venice. As one of the greatest maritime centers in history, the Portuguese capital imported exotic wares from the far-flung corners of its empire. Treasures from Asia -- including porcelain, luxurious silks, rubies, pearls, and other rare gems -- arrived at Indian seaports on Chinese junks and eventually found their way to Lisbon. The abundance and variety of spices from the East, such as turmeric, ginger, pepper, cumin, and betel, rivaled even Keats's vision of "silken Samarkand." In its golden age, Lisbon gained a reputation as the eighth wonder of the world. Travelers returning from the city boasted that its riches rivaled those of Venice. As one of the greatest maritime centers in history, the Portuguese capital imported exotic wares from the far-flung corners of its empire.
Treasures from Asia -- including porcelain, luxurious silks, rubies, pearls, and other rare gems -- arrived at Indian seaports on Chinese junks and eventually found their way to Lisbon. The abundance and variety of spices from the East, such as turmeric, ginger, pepper, cumin, and betel, rivaled even Keats's vision of "silken Samarkand."
From the Americas came red dyewood (brazilwood), coffee, gold, diamonds, and other gemstones. The extensive contact signaled a new era in world trade, and Lisbon sat at the center of a great maritime empire, a hub of commerce for Europe, Africa, and Asia.
Today, after a decades-long slumber, there is excitement again in this luminous city. Construction went on around the clock as Lisbon prepared for EXPO '98, which marked the 500th anniversary of Vasco da Gama's journey to India. Lisbon welcomed the world to its doorstep, and the visitors found a brighter, fresher city, as they continue to do today.
The most dramatic change of all was the opening of the Vasco da Gama Bridge spanning the Tagus. Ponte Vasco da Gama speeds access to other areas of Portugal, including Alentejo province, with links to Spain. An entire new suburb being created along the east bank of the Tagus has brought Lisbon a new railway hub, Gare de Oriente. Brash postmodern office buildings and restored medieval facades are just some of the changes that have altered the skyline. Still in place is the Lisbon of old, with its great art and architecture -- which is what probably brought you here in the first place.
Lisbon Today -- No longer the provincial town it was in the 1970s, Lisbon today has blossomed into a cosmopolitan city often beset with construction pains. Many of its old structures are simply falling apart and must be either restored or replaced. Some of the formerly clogged streets of the Baixa have been turned into cobblestone pedestrian malls.
Lisbon is growing and evolving, and the city is considerably more sophisticated than it once was, no doubt due in part to Portugal's joining the European Union (E.U.). The smallest capital of Europe is no longer a backwater at the far corner of Iberia. Some 1.6 million people now live in Lisbon, and many of its citizens, having drifted in from the far corners of the world, don't even speak Portuguese. Lisbon presides over a country with one of the fastest-growing economies in Europe, much of it fueled by investments that have poured in since Portugal joined the E.U. Textiles, shoes, clothing, china, and earthenware are among its leading industries.
Sections along Avenida da Liberdade, the main street of Lisbon, at times evoke thoughts of Paris. As in Paris, sidewalk portrait painters will sketch your likeness, and artisans will offer you jewelry claiming that it's gold (when you both know it isn't). Handcrafts, from embroidery to leatherwork, are peddled right on the streets as they are in New York.
Consider an off-season visit, especially in the spring or fall, when the city enjoys glorious weather. The city isn't overrun with visitors then, and you can wander about and take in its attractions without being trampled or broiled during the hot, humid weather of July and August.