During my recent trip down to CPT, and my first visit to both Stellenbosch and Franschoek, I managed to try some of the dining places visited by T8191 (Thank you!) - and I can certainly recommend them. Oppie Dorp was very good - and most important very reasonably priced. Depending on the weather, you will certainly need to make a reservation for a table out in the open.
Both towns are worth a couple of days with lots of history and attractions.

As for those wanting to do the Wine Tram - I would actually go for it. It is a great day trip visiting the different winery. I can assure you that even if you have to pay for your tasting session, some of them are more than generous in the tasting size. I was a bit late for my booked line, but it was not an issue to get on the next available line (subject to availability). Ended up meeting with some 'crazy' fun people that we just went together the whole day - a mix of Dutch, English and a couple from J'burg - making it one of the most interesting wine day tour that I've taken.

For accommodations - I would recommend to try and find a local/boutique B&B. There's not much chain hotel - I stayed the Protea Dorphuis - which was ok - but certainly not worth the value.

I just hope that the region will receive some rain since it seems like the water shortage situation seems to be quite bad.

Cheers!