Where to stay:
Atta Mesari Villas: Check out my review on TripAdvisor
Where to eat:
The Spell Creperie: Read my Tripadvisor review here.
Must-do: The Campuhan Ridge Walk – the best way to see Bali
Don´t do: Tegallalang rice terraces (or similar tourist traps. You can see the plenty of rice terraces on your own.) I found the monkey forest in the middle of Ubud rather unpleasant as well – a bona fide intention to have humans and monkeys co-exist but tourism spoils this relationship (my opinion.)
General: Ubud is scenic and worth a visit. I preferred other areas of Bali, such as those by the seaside. However, it is a great base from which to see the unspoiled north (Munduk and other areas as well as Amed – a great place to Snorkel!