I *love* Prague. I didn't find it to be as bicycle friendly as some other European cities...I don't remember any bike lanes and it just didn't seem to me that cycling is as popular in E. Europe for general commuting as it is in W. Europe and Scandinavia. But there would be nice areas to cycle outside the city.

As for the city...just amazing architecture, music, shopping...I found the restaurants to be great but I would agree about the traditional Czech food restaurants not being my fave. Well, part of that is because I am a vegetarian... I would try to avoid the restaurants in the main square - Wenceslas square, or by the Charles bridge. Those are major tourist zones and you just won't get your money's worth. Try peeking down the quiet little side streets...there's lots to discover there!