I'll throw in a couple of cents...
If you have the time take a trip over the bay bridge and visit St. Michaels and/or Oxford. Its about an hour drive (as long as you don't leave on a Friday or return on a Sunday). The maritime museum in SM is fantastic. There is a ferry from SM to Oxford.
Did anyone mention Chesapeake Light Craft (very close to Bacons)? A must see http://www.clcboats.com/index.php
Otherwise, most have already mentioned some great things to do.
Oh yea...as far as eateries...I would tend to agree with Auspicious or as he said, check out the Ches Bay Eats thread to see various input. Also, grab a Zagat guide
I'd offer to take you for a sail but the boat is on the hard for the season