It depends on what you're into. My recommendations are the Portrait Gallery, changing of the guard at Buckingham Palace, and if you can swing the cash - take a ride on the London Eye. Oh, and try to go to a live soccer game - they're completely nuts.
My parents loved the Queen musical. I think it's called We Will Rock You. If you're into that kind of music, it might be fun and London is one of the few places where you can actually see theater for cheaper prices. The Drowsy Chaperone is great too.
Don't forget to go to the half price ticket counter in London at Leicester Square. I never go to a show in London without getting tickets there -- you can see almost all the shows in the West End for half price.
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