Ok, I will admit.  I absolutely love Newfoundland and Labrador, which may have resulted in me giving this site at least a 1/2 star more than had it existed in a less beautiful province.  

Red Bay is located in the Labrador part of the Newfoundland and Labrador, which is even less populated and more remote than the rest of this rugged province. Red Bay has a small but well put-together interpretation centre.  The highlight of the centre is a 16th century Basque chalupa (small boat), which was discovered in the waters of Red Bay and painstakingly restored.

From the village, you can get on a boat to visit the small islands in the bay, such as Saddle Island, which is within the UNESCO boundary.  From anywhere in Red Bay, you can see the wreck of the ship Bernier.  Parks Canada also offers guided walks, and I have always found their walks to be very informative.  You can get a very good sense of the place with a 2 hour visit. 

On the way to Red Bay, in L'Anse Amour, you can take a quick stop to look at a 7,500 year old burial mound. 

If you drive north away from Red Bay, you can visit Mary's Harbour.  From there, you can take an once-a-day ferry to Battle Harbour, which is a restored ghost fishing village.  Battle Harbour is not an UNESCO World Heritage site, but it would not shock me if it does become one in the future.

If you are spending time and money to visit remote Labrador, it makes no sense not to also visit the other (relatively) nearby UNESCO World Heritage sites, i.e., Gros Morne National Park and L'Anse aux Meadows National Historic Site.  Both of these sites are in western Newfoundland (or the Labrador side of Newfoundland).  

A word of a warning.  Newfoundland and Labrador is very difficult to explore without a vehicle, and the province has very limited supply of rental cars in the summer.  If you are visiting during the short, high tourist season, please make sure you reserve your vehicle weeks, if not months, ahead of your trip.