Just got back from cabo san lucas, drove by todos santos and spoke with the locals. The way i understood things is cabo is expensive, everything is in dollars and high priced. The typical cabo stuff is fishing, boat tours around the arc, the beach El Medano.
I didnt like the beach because theres about 100+ vendors trying to sell you pretty much anything including pipes with grass. But theres also seadoos to rent out and hundreds of bars and restaurants. Cabo is about 1hr from todos santos.
I also stayed two days in La Paz and i enjoyed la paz even more. Theres a bay called Balandra, no vendors only palapas and maybe one or two guys who rent kayaks. Snorkling is also big there. No stores there so take a cooler. Cool thing about there is theres no waves so its really safe for kids.
About 5 minutes from there to the east is Playa el tecolote. You can camp there and theres few restaurants at the entrace who also offer boat tours all inclusive.
The strip at La Paz is also nice with alot of everything even an applebees. La Paz is also 1hr from todos santos.
Theres plenty more to do, hope you have a great time