Cheddar's has good food and a wide variety on their menu, everything from chicken fried steak to seafood to burgers. The service is friendly, occasionally excellent, and I've never been disappointed with anything I've ordered there. They really shine on their deserts - it's worth a trip across town just to try out their cookie monster.
The ambiance is more upscale than an Applebees or a similar restaurant. It's casual dining but without all of the frantic junk stuck on the walls. It is also family friendly. On a weekend night the lines can get quite long so it's worth calling ahead.
There is nothing spectacular about Cheddars -- it is just good, solid food at a decent price with a nice atmosphere.