Still there but it is a short drive so I don't stay there overnight at all. As far as eating places you probably aren't looking to eat where I did in Isla Vista. Generally, you'll have to get out of Santa Barbara to find cheaper hotels. If you're rich there's always Fess Parker's place. It is quite nice. I never stayed there but my wife attended a conference there and I went and played golf.
There are a lot of different places to eat all along State street and also down where State street meets the beach. We mostly go there to go to the zoo or for the artwalk. I believe that is off the cabrillo exit down by the beach. There was a Mexican food place there across the street from the beach that was pretty good although the food was pretty spicy. When we played the Ojai tennis tournament 25 years ago I remember eating at a Big Yellow House restaurant somewhere south of Santa Barbara. That used to be a good place to take a team.
Sorry I couldn't be more help.