We were just in St. Michaels this past weekend. There really are not many new restaurants in St. Michaels, in fact, we noticed a few smaller places had closed since our last visit a couple years ago. We dined at the two places you mentioned (and enjoyed 208 Talbot far more).
We really liked Ava's Pizzeria for lunch. Great pizza and sandwiches and excellent wine/beer selection. We did not have dinner there, but it looks like they have a nice dinner menu. Note that Ava's a very popular place that doesn't take reservations. http://www.avaspizzeria.com/
208 Talbot has a new "burger bar" that looked great, but we ate in the main dining room. .
Tom Sietsema recently wrote about the Bartlet Pear Inn in Easton, but we did not have the opportunity to try it. We also wanted to try the BBQ Joint in Easton but it was closed on Sunday when we stopped by.