I actually had dinner at American Bounty a few days ago. I thought it was quite nice. Service was very slow, though, and you have to be patient as the servers are students, some of whom are still learning the process. The wine they recommended turned out to be not very interesting and when we mentioned that, they readily substituted another.
Make sure to stroll around a bit and look at what's going on in the pastry classrooms and so on. And if it's open (it's not on all evenings), the bookstore is fun.
And if the weather is good, walk through the back of Roth Hall down to the library and go downstairs to see the famous chef's hands (such as Julia Child's) in plaster and visit the Danny Kaye lecture hall.
There is a great cake display in the window of their cafe.