Seminyak? Ubud? Other ?
you can probably divide your time between Seminyak and ubud so you can cut down the commute time. the island is not big, you can do beach/surfing and then do somethign else for a change. taxi or private car to go between Seminyak and ubud is not expensive.
We stayed in Seminyak for five nights. It depends what you want to do on the island. Seminyak is near/on the beach. Ubud is inland. And I disagree with previous poster on the size of the island. From Seminyak to Ubud, figure about a 3 hr drive. The roads are one lane and people drive slower. For our group ( we are scuba divers) I thought Ubud would have been the better location as it was more central.