For food I like Morro bay and Cambria,
In Cambria I really like Robins:
http://www.robinsrestaurant.com/contact.fsp
In Morro I like Windows on the water:
http://www.windowsonthewater.net/
and Dorn's
http://www.dornscafe.com/
Lots of shopping on the Embarcadero in Morro bay and lots of great views of the bay.
I vacation on the central coast a lot... I could go on for pages.
Must add: Schooners Wharf in Cayucos...Not really on the wharf but the town is so tiny it is easy to find, Cayucos is a fun little town to check out.