Hipster, medium budget, funny because we're a group of 28 years old going there to celebrate.
If you want to try out Czech food & like beer, definitely go to one of the restaurants called 'Lokál Dlouhá - there are few of them, never disappoint on quality of beer and food and they can accommodate big groups.
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Our favorite in Prague was Café Imperialwhich is a very nice, has great food, and ornate decorations. Although it is a high end restaurant, Prague overall still is a pretty good value. My wife and I had a few drinks, appetizers, entrees and maybe even dessert for about $60 US.
Our favorite pastry and breakfast place was Bakeshop.