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i'd say detroit, minneapolis, st. louis and even (if you consider it midwest) kansas city offer more than indianapolis too. it isn't really a criticism, but more a result of population/size and my own certain je ne sais quoi.
Detroit and St. Louis definitely have much more to offer than Indianapolis. Historically and culturally speaking, both cities were (and still are, metropolitan area, not city limits) bigger than Indianapolis. Both cities' downtowns and neighborhoods have much more to offer than Indianapolis. You just have to know where to look. I can understand someone heading to St. Louis, seeing the Arch and downtown and concluding that there's nothing much to the city. Once you get outside of downtown and go to places like the Central West End, North Hill, and Lafayette Square, you'll realize how much more St. Louis has to offer than Indianapolis. This is not even including the suburbs, some of which (University City, for example) have as much to offer as an inner-city district.
Detroit isn't even close, it's metropolitan area contains over 5.7 million people. There's much more stuff to do in Detroit than Indianapolis (downtown, Corktown, Bricktown, Midtown), and that's without the surrounding cities (Dearborn and Windsor in particular).
Minneapolis is what I consider a perfect version of Indianapolis. It's much more gentrified, and while it may be as old as Indianapolis, it's still much more urban and appealing. It's almost like the Midwest's version of Seattle.
Kansas City, I would say is on the same level as Indianapolis. There's plenty to do (Country Club Plaza is probably as good or better than Indianapolis), but it's too spread out and sprawly.
I love Indianapolis, but there's still plenty of room for improvement and it is nowhere near it's full potential. While I think downtown (specifically the Wholesale District and Mass Ave) and Broad Ripple have a lot to offer, a lot of city leaves much to be desired. Still, it's a great place to live and a good weekend destination.
As I see it, the Midwest has maybe five tiers of cities:
Tier 1: Chicago (duh)
Tier 2: Detroit
Tier 3: St. Louis, Cleveland, Cincinnati, Minneapolis (kind of the wild card of the bunch)