I agree that eating in the local restaraunts is good value most have excellent food. I think we ate at them all. My fav is Rasta Pasta, but I heard that they sold. Not sure if that is a fact.
There are a few of us going this time and two of us are Chefs who love cooking. You want an excellent lobster or other seafood BBQ (depending on the night) try out Jolly Roger. You can go early in the afternoon and order your meal or order it later in the evening for the next day.
Another treat we stumbled upon was someone cooking Jerk Chicken near The Split. Simple good jerk chicke, wrapped in wax paper. Oh and the guy selling the rum filled coconut near the split is also good. I think that trip to the Split took us all afternoon.
On Caye Cauker they have 5 kinds of beer:
Belikin Beer - excellent
Belikin stout - nice for a stout
Belikin Supreme - excellent beer
Guinness (local bottler and distributor)- wasn't able to find any
Belikin Lighthouse lager - I got laughed at for drinking it as this is considered to be a woman's beer.
The rum is One Barrel. It is really smooth with a slight vanilla flavour. My wife loved the coconut rum. I think a 40 was $6.80 in 2006. They have a variety of imported liquor but it is expensive. Wine is also not inexpensive. Another liquer I tried was Green Ting an Anise and peppermint flavoured green liquer. They have a website you can check out http://www.traliqbelize.com/products.html
I tried a local cashew nut wine, you have to taste it, it is quite "different". You should also try the local bitters. Although I saw some drinking it straight I would not suggest it. Use it as you would any other bitters. A few drops in your rum and coke improve the flavour. I also tried a small bottle of white liquor I bought in Ambergris - the guy behind the counter laughed and said "it is good for the wood". It was a good pick-me-up, not sure about the 'wood' part.