Ubud offers great value in most respects but the food can end up being a bit samey. After 8 nights of gado gado, cap cay, chicken sate and babi guling one ends up longing for a lamb chop with mash and gravy. 

Places to try as of April 2009 follow.

Fancy:

Indus, for mod Indo semi-fine dining, moderate booze costs, good for groups, great views. ask for table out on verandah. 

Mozaic, for the ultimate fine dining experience if you dont mind spending a dollar.

Moderate to cheap:

Kafe, on Jalan Hanuman. Great clean interesting euro-asian fare served up with large dollops of ethical sourcing. Try the rosewater lassi and the tempeh crisps. Lots of baked stuff, including muffins. 

Nuri's, for the smokey, gloriously tender bbq meat, particularly pork spare ribs (60,000 rp/A$8), and very very (very) strong martinis (100,000 rp/A$12.50 a pop).

Best bang for buck:

Ayam Kedewatan/Warung Kedewatan, where all the local Indo beaurocrats eat, for cheap (as in A$1.50) nasi campur featuring chook, rice, fish on a stick, chilli sambal and some little dark fried things which looked like chicken's bumholes but were probably bits of deep-fried skin or offal. Either way, very delicious and clean. Bintang is cheap here, too. 

Ibu Oka, for pork pork and, um, pork.

Made's Warung in Penestanan. Rice paddy location. Best vego nasi campur in (or out of) town.

Any of the Padang places listed in Lonely Planet.

Bali Buddha generally gets a good rap for its location and vibe. Loved the noticeboard with all the info for upcoming retreats, holiday rentals, etc., loved the little shop underneath selling fabbo bread, but thought the cafe food was average and a little disappointing. Kafe (formerly Bali Spirit) leaves this place for dead.

As for music:

The reggae cafe on Monkey Forest Road. Food much of a muchness. Beaut reggae band gets everyone up dancing from around 9pm.

warung JB (Jambangan Bali ) ubud has an  exciting culinary scene and one that is warung JB serving traditional and authentic local food ,establishments presenting fusion and international menu,soups,barbaque,  jln kelabang moding-ubud open 11 Am to 10 PM