Being from Tipperary, I can assure you that the town has some excellent restaurants. "The Stables" on Main St is top class, "Noble House" is an excellent chinese restaurant on the Cashel Road and "Papillon" on Davis St is very agreeable. That's not to mention the Indian restaurant on St. Michaels St., the 2 other chinese restaurants which are always busy and the Peak restaurant on the Main St. (which I have yet to try). For those with simple tastes and hearty appetites, the "Brown Trout" restaurant is excellent.
A couple of miles outside the town the best restaurants are Hannah Maes in Thomastown (on the way to Cashel), Aherlow House Hotel and Ballinacourty House (both in the Glen of Aherlow).
Dundrum is alright - not a patch on the Stables or Hannah Maes and nowhere near as good as AHH or BH.
As for activities, there is an excellent cinema, a theatre, loads of lively bars and for the sporty types there is a sports complex, 3 x tennis clubs with all-weather facilities, 3 x 18 hole golf courses and an abundance of forest walks and nature trails inthe surrounding areas.
WillyPat and Boombocker - take note.