Hotwired is a good sandwich shop.
Bayou Bistro has got a good chef now. Great food and atmosphere.
Amigo Juan, Cancun, and Antigua are all good to me if you want Mexican.
Flying Burger is good, but high.
Mules Cantina and Ole Feed House are overpriced.
The two weekday cafeterias, Millers and Marlars are both good enough.
Joe's Italian is pretty good; just not much on Italian food.
Hi, I figured I'd throw my two cents in since I've spent the last few years travelling the country and may have some pretty decent perspective...
Hotwired is a great sandwich/drink shop. Nothing fancy, straightforward, decent sandwiches.
Flying Burger is probably the best burger (and seafood) you'll find in "The Golden Triangle" but be prepared to spend $8-$14 per person.(it's not fast food so it definitely isn't overpriced.
Cancun is (imo) the best Mexican. Antigua's is a dead tie...but Cancun is more friendly with their portion sizes (especially on setup items such as sour cream and guacamole.) Amigo Juan is hit or miss but usually always worth eating at.
Bayou Bistro has decent food but their meal quality(and portion size)is inconsistent and I have only received attentive, timely service a few times of the 10-15 times I've eaten there in the last year.
Old Feed House and The Rails are both unapologetically good southern food...just remember to bring your wallet because as good as the food is, it seems you're just getting picked for a few dollars more than you would at any comparable chain type restaurant. Great stuff, mind you. At the end of the meal you feel full, satisfied and only slightly robbed (unless your a huge eater).
Mule's is the biggest joke in town. The food is never consistent, the service is always lazy (whether I'm the only table or the 15th)and nothing tastes fresh or homemade. They've got a greaet location and a neat atmosphere but their bottom line kills it. Bad service, underwhelming food.
Miller's and Marlar's are the gem's in town. Fair food. Fair price. You get exactly what you expect going in.
Backyard BBQ is amazing, but can become very proud if you are feeding a family. It's good but a BBQ meal for 4 can quickly reach $75-100. It really is good stuff.
Joe's I haven't eaten at much but the menu and food seemed decent last time I was there (and not bad every other time) the pricing is a bit higher than expected but it's not too bad.
Mister James is passable enough for a Greasy Spoon. It's not special, just a hot plate meal at a hot plate diner.
All the fast food is horrible. Speed, quality, atmosphere. You'd be better to simply skip ever eating at the McDonald's, the Burger King, the Chick-A-Dilly's (although they have pretty damned good fried chicken)etc...
All in all...if you like good food and good service, Magnolia isn't the best. I'd say EVERYONE except Flying Burger and Backyard BBQ would crumble in a larger urban market with competition on their heels. As it stands, they're in Magnolia so they can get away with mediocrity.