I've sworn if I ever make it to Memphis I was going to stop at Dyer's Burgers. (Although I haven't a clue if its good food or good hype.) It always seems to me that most places that are somewhat legendary fail to live up to whatever I've heard about them. On the other hand, I keep making such pilgrimages, so what do I know?
On the cheap end, go to Soul Fish for great fried catfish and to Gus' on S Front for the world's best fried chicken. On the higher end, try Stella or Felicia Suzanne's for contemporary Southern. Automatic Slim's and the Beauty Shop are great for eclectic cuisine. The Tennessean, an old restored train (now stationary), serves up great upscale food in Collierville. Spindini on S Main is great for contemporary Italian. Encore is the place to go for upscale, cutting edge food at prices that won't break the bank.