If you have had enough beach and diving, then I also recommend Ubud. Please, skip the elephant ride. I'm with Quero on this one. I've seen too much abuse.
From Ubud the possibilities include:
1) Monkey Forest - It's a great 30-60 minute tour. I've explored every inch of the area. There's much small detail to see if you look. The monkeys are neat, although many are quite evil. I like to get there before the big buses arrive.
2) Get up early and go to the farmers market with your camera. Early, as in as soon as the sun rises. Walk up Monkey Forest Road, turn right on Jalan Raya Ubud. Keep walking and you will see it. Buy some pastries.
3) Take in the evening at a traditional dance. A theater is close by. You can see the Kecak/Barong/Fire dance.
4) Wood carving shopping. This is the one form of art I really care about in Bali. We have collected about 8 beautiful pieces of wood carvings, along with some other pieces. Shipping is painful and expensive if you don't take it with you. My favorite place to shop is Manis. You can watch some carvers in action. I usually negotiate to 40% of asking price, depending on the piece. We generally travel with 3 checked bags. In one of the bags is another full size duffel. When we get back to Bali after the diving, I switch stuff to the extra duffel and use a hard shell for the art. They will ship for you at what appears to be a reasonable price. This is a shared container and you have to wait. You will then get dinged for additional charges when it arrives.
5) Visit one temple. You can get templed out in Asia if you cram a bunch in a small time frame (like castles in Europe). Tanah Lot may be the most architecturally interesting temple, but you can't really walk around it. You just walk up and look across the water at it. It gets a billion + visitors everyday. I have a favorite temple, but I can't remember the name. I will have to look it up.
6) Cooking class. There are several in Ubud to choose from, just like there are plenty of good restaurants. I like to fix up my own mi goreng at home now.
7) I'm not big on the volcano tour, but if you are into hiking, then go for it.
Wakatobi usually provides guide services I believe. Their standards are very high. But, if they aren't handling it and you need a very trusty guide, I have one that I have used for many years. I've dined with him and his family up north in his tiny village.
