Chicago is one of the world's great restaurant cities. So is NYC, but it costs a whole lot more for the same quality. Probably has something to do with the way Wall Street has collected lots of unearned bucks in Manhattan (same applies to London which is also way overpriced.) L.A. and S.F. come in somewhere in between Chicago and NYC.
Now, if you want really great food, really, really cheap, try eating on the street in Bangkok. Less than a dollar gets you a yummy platter.