I've lived in Portland my entire life, and seeing the decline of one of my childhood malls is absolutely devastating. The recent remodel completely took away most of the character the place had, and now all of the anchors are gone. It's an odd mesh of modern and vintage due to the lack of renovations on the outside. The food court still has a few places to hang out at, but I don't suggest coming here if you aren't planning on just hanging out with friends for maybe twenty minutes. A lot of people in town may tell you there's violence/gang activity, but that is far from correct, as the most people you'll see is maybe a small group of teenagers hanging around in one of the wings.
The security officers there are constantly looking for ANYTHING to do, as my partner and I have been escorted because we tried to sit in a chair together because the other chair was soaked with water.
If you go here, the few places I suggest checking out are the food court and Suncoast Videos. Suncoast has a lot of neat candy and knickknacks as well as somewhat cheap movies. Other than that, I can only say that Lloyd Center is good for hanging around. However, if you like dead malls or want to see vintage architecture on the outside of the building, I suggest this. Specifically the ex-Nordstrom and Macy's entrances.
In short, come here if you like dead malls and vintage architecture (only on the outside though.) Otherwise, you'd be better off going to Clackamas Town Center if you actually wanted the full mall experience.