Another post about Bali:
There is an AMAZING restaurant in the remote region of Ubud that is very much worth going to called Mozaic.
(The aforementioned Kudeta is worth seeing for the ambiance alone too, but the food, though good, was not as stellar)
It's part of the "Les Grandes Tables du Monde" (Translation: the Grand Tables of the World) restaurant group that counts among them the likes of Le Cirque (New York), French Laundry (California) and many others all over Europe.
The kicker? Instead of paying $250 for an exquisite 7-course French cuisine meal by a renown chef, the price is a paltry $50 because it's Indonesia. As I recall, you will need to make a reservation several days or possibly a week in advance.
There's also an awesome watering hole in the area called "Naughty Nuri's". It's this tiny little shack of a place that barely has walls, owned by an ex-New York lawyer who decided to leave it all behind to live the quiet rural life surrounded by pretty young indonesian women (well, they seem to be the waitresses who run the place, but you never know.

) He's often drinking there in the evenings with his ex-pat buddies and is awesome to shoot the sh*t with.