Hopefully board member pedmar (from Versailles) will respond to this question, but in the meantime, I'll give you my two cents. As far as "must see" places to see in Paris, you have the obvious ones: Louvre, Notre Dame, Eiffel Tower, Montmartre and the Arc d' Triomphe. However, if you're an art lover, you may want to try to visit the
Musee d\'Orsay which is a huge collection of Impressionist art housed inside a beautiful old train station. Also, if you like modern art, you may want to visit the
Centre Pompidou .
The building itself is worth a view, as you can see here
.
You could stroll by just to see it and the nearby whimsical, twirling Stravinsky Fountain.
Also, one nice way to see the city is to take a boat ride on the Seine. It's particularly beautiful at night with all the lights. I have to say that I think the Eiffel Tower is more beautiful at night than during the day, so if you get a chance to go there at night, I highly recommend it.
Regarding a trip to London, you certainly could do a day trip there, and the Chunnel is very easy (now less than 3 hours door-to-door), but I wouldn't necessarily recommend it for one day. I have been to London several times and it's one of my favorite cities, so I don't know how you would choose what to see and do for just a few hours as it's so massive and there are so many fantastic things to see there! If you could spend two days there, it might be worth it, but then you wouldn't really have the chance to absorb the wonderful city of Paris and its surroundings. You could do an easy day trip to Versailles, instead.
Have fun planning your trip!