this area has seen huge changes in the last ten years, turning from a run down ex-industrial area filled with abandoned warehouses and railway lines into a neighborhood filled with luxury condos, a highly popular baseball stadium, new parks and a wonderful waterfront pedestrian promenade
click here for a website that talks a bit about what the area used to be like and has some cool photos of what it looked like (its main purpose is to document the former embacadero freeway, which mostly ran above the northern portion of the embarcadero)
the san francisco chronicle had a wonderful article about the changes that have occurred along the waterfront since the 1989 earthquake; you can read it here (again, the article deals with both the northern and southern portions of the embarcadero... one day, i'll do a photo tour of the northern section)
finally, i found a great article that talks about the past, present and future of what they call the "central waterfront"... the article covers a lot of the areas in the photo tour... click here to read it