I definitely reccomend the bike hub for renting bikes. It's located at City Market, which is walking distance from the convention center. It's really affordable, and is run by a local bike shop. They have road, commuter, and casual bikes for rent and the guys who work there are really helpful.
Ok - some restaurants. I'll stay mostly within downtown, but there are a few worth travelling for out to some of the outskirt neighborhoods.
City Market - this is the original farmer's market of the city, and over the past year they have had a huge resurgence of vendors open for lunch and dinner. The Tomlinson Tap Room is a bar that serves drafts from IN brewers, as well as some local small plates. It's located above the market floor. I also reccomend Papa Roux for Cajun and poboys, Natural Born Juicers for some fresh made concoctions from one of the nicest couples I've ever met - and they take their local sourcing and juice seriously! Fermenti Artisan just opened a permanent space there and will be selling meat and cheese from Goose the Market (and their meat store, the Smoking Goose) - Goose is a destination itself, with a great sandwich board, as well as an enoteca with small plates and wine. Fermenti makes some great breakfast boxes, but the kimchi and saurkraut are amazing - we buy jars at the co-op and can't keep them in the house long enough.
On Mass Ave (which is my favorite part of the city) there is Bazbeaux, a local pizza joint that serves up great salads with homemade dressing, as well as great pizza. Black Market is down at the far east end of Mass Ave and is a communal table style restaurant, but not communal plates (if that makes sense). They serve mostly in-season foods and have a great burger. Chatham Tap is a good bar for sports watching, but the food is way above what is considered bar fare. The gouda and apple melt is one of my favorite items on the menu, as well as the hummus plate. MacNiven's is a scottish bar with some of the best scotch eggs around the city. Keep in mind that it is still legal to smoke in bars in Indy - Chatham is non-smoking, but MacNiven's is not. Also on Mass Ave is the Ball and Biscuit - a speakeasy-type joint serving drinks and small plates. We thought the crowd was a little bit more pretentious than what we're used to in Indy, but then again I can go to Chatham in sweats at 9a to watch soccer and no one bats an eye.
Fountain Square is a neighborhood located southeast of downtown. It's had a resurgence recently, and is home to some great food and bars. Red Lion Grog House has typical pub fare with a large import and domestic beer selection. Siam Square is (what I consider) the best Thai food in the city - beware that Thai hot is scorching. There is also the Shelbi Street Diner which has your typical midwestern fare. I like Fountain Square for the fact that it's one of the smaller, but rich in character neighborhoods in Indy.
Heading north, to the Broad Ripple area, there is Recess, which has a prix fixe menu each night. Cafe Patachou is referred to as a student union for adults, and the atmosphere supports that. Next door is Napolese, which serves up great pizzas, salads, and a goat cheese appetizer that is amazing. BR is where the bar scene is for college and early 20-somethings lies - we typically stick to downtown.
Let me know if I've missed the mark with recs - I can get some more, including the southside where I am partially fond to divey bars and greasy spoons.