I would definitely spend a bunch of time on the Ludlow Ave. business district, lots of great restaurants and shops. While you are there, you might want to check out a movie at the Esquire.
The other main thoroughfare for students is on the other side of campus on McMillan and Calhoun streets. Again, a ton of restaurants (check out Myra's on Calhoun), and a couple retail places including an Urban Outfitters.