Where to stay:
The Hotel Florence is right on the lakefront. Although the lake views are spectacular, we decided not to pay extra (got plenty of lake views walking and boating), but the view from our rooms was up the hill to the church steeple and overlooking back gardens and streets so quieter and very pretty. Caution: ask for a room at the end of a hallway if you want quiet. The big old wooden room doors are attractive but not sound-proof so hall noise can get pretty loud (I was across from a family with 2 noisy children who "hung out" in the hall. Luckily they left after our second night.) The rooms themselves were nicely decorated and spotless, the beds very comfortable. The bathrooms were downright luxurious: big tubs, lots of towels, plenty of floor space, some with floor-to-ceiling windows. Breakfast was well worth the price--fresh, diverse, delicious. Staff were lovely--front desk was helpful with directions (especially regarding boat schedules--which are an absolute pain in the a** and the only thing I hated in Como), housekeeping was silent and efficient; waiters were attentive and friendly. RS lists the hotel as $$$$, but it wasn't a whole lot more expensive than some of the $$$ or $$ we stayed in elsewhere, and they gave a 10% discount for paying in cash.
A side note: I tried to get a room in Varenna, but everything was full. I was hesitant about Bellagio--seemed more touristy--but I am glad we ended up there. It is very pretty and, except for the waterfront during the day, it was not at all crowded.
Where to eat:
The Hotel Florence Restaurant is right across the street, as close to the water as possible without getting wet, with a great view and a lovely wisteria arbor overhead. The food was great, the service excellent, but the chairs were uncomfortable and the cost was quite high. In fact, I'd give the hotel $$$ and the restaurant $$$$, rather than the other way round as RS lists them. But it was good for a one-night splurge.
The Trattoria San Giacomo was excellent--service, food, cost, ambiance, everything. They were crowded so a reservation might be a good idea.
The Ristorante Terrazza Barchetta was also excellent. Great food and service. A little pricey, but worth it. Very cool indoor/outdoor deck seating.
But our favorite restaurant, hands down, was La Punta Ristorante. It's a 10-minute walk (even at my age) from the waterfront, past the Villa Serbelloni. Keep going, even when you think you might be on the wrong road, until you see a small boat on top of a building. The food was out of this world, the service superb, we got a table without a reservation, the view is spectacular, and it is quiet and peaceful.
A side note: We did a boat trip to Varenna, which after RS's build-up was somewhat under-whelming. Perhaps it had to do with lunch at RS's recommended Pub l'Orso. Not sure what he meant by "oozing character", but if that means "interesting building," then I guess so... However, the service was nearly non-existent, grudging and inattentive, not to mention glacier slow. There was one other couple in the place, but still we waited nearly half an hour for pizza and a sandwich. And the food was nearly inedible. How hard is it to make a tomato and basil pizza in Italy? No flavor, high price, and I swear the tomato sauce was ketchup. Avoid! Avoid!