This park and square serves mostly as a point of reference close to some major attractions and points of interest, including the Mercado Central. It is not a great place to hang out as it isn't particularly beautiful. It is safe during the day (lots of pedestrians come through on weekdays) but I'd avoid it after dark.
The praça sits at the confluence of 4 major avenues, and is surrounded by a massive roundabout. Worth noting is that most buses avoid the roundabout altogether; they use the first square block to get around the praça.
The center of the square, apparently built in French style and named after a former governor of MG, has some grass, flowerbeds, and a few shady trees. There's a fountain in the center that looks quite impressive; it is occasionally used by the 'local residents' to take a dip (or to wash laundry). read more