My wife and I spent 5 nights in Ubud after Wakatobi diving. It was a fabulous place. I was so glad I didn't stay at one of the beach areas - too crowded, busy. Ubud is quaint and quiet. There is shopping in and all around Ubud, lots of great restaurants, and Balinese dances every night somewhere in town. There are a lot of great hotels, We splurged (25th anniversary) and stayed at Pita Maha ($250 per night), but the most romantic and beautiful place we have ever stayed in the world - and we have travelled extensively. The Balinese people are wonderful and so service oriented and hospitable.
By the way, we have an English speaking tour guide there who is fabulous. Will be at your beacon call with an A/C car for $40 a day. E-mail me if you want his E-mail address. He is a great person, will enhance your trip, and I am trying to get him as many new clients as I can.