While going to UW-Madison (graduated in Dec. 2007), we came across this little, cozy sushi restaurant near east towne mall. And we absolutely loved it! We loved it to the point where we became frequent customers (the waitresses knew our names). The price was very reasonable and the fish was always fresh. Also, if you sit at the sushi bar, the chefs will typically give you free sushi / salad as well. I noticed that they had a hibachi grill in the back, but never tried it.
Takumi is highly recommended. Out of all the sushi restaurants in Madison, this is the absolute best! We will definitely be back next time we are in Madison.