Several good restaurants. Farleys is a good place to eat.
It's a big rally with lots of vendors and some motorcycle exhibition events. Nice areas to ride. The Inn of the Mountain Gods Resort Casino is within 10 miles. It gets cool in the evenings in Ruidoso this time of year, so take some cold weather gear for night riding.
There's a nice place to eat on the main drag called Cattle Baron that has a good selection of steaks, seafood, etc. on the menu and has a great salad bar. We would always stop there to eat when in Ruidoso either for the m/c rally or in the winter for a ski trip. A lot of the bars in town seem to come & go. We went to a biker bar out by the convention center when the rally was held at that location several years ago and the next year the place was closed up. I learned that year that the alcohol has a more pronounced affect at altitude - we were staying in Capitan and the ride over there was a little unsettling. I learned my lesson that year not to drink and then get on the m/c (especially with my wife sitting behind me).