On a previous time we went across as foot passengers and then used the buses to get around. It's OK to start off with but can get tedious towards the end of the day when you just want to get back. But taking a car across does cost more.
Just a short walk away from where we stayed was an excellent pub/restaurant called the Crab and Lobster Inn. Obviously from the name there is plenty of seafood on the menu but there is other meat and vegetarian options to keep everyone happy.
One night me and Angela shared one of their Lobster platters and the next we had a duck and steak, all of which were really nice.
We would definitely recommend this place, but beware it can get very busy so get there early to secure a table. It is also a B&B so you can book a room there.
Website: Crab and Lobster Inn, Bembridge, Isle of Wight.
Angela in the model village in Godshill.