I'm on the fence between four stars and five...but I'll give The Spot five since it just opened recently.
The food is excellent and incredibly affordable. Top-notch entrees for $8 or $10. I tried the burger, to get a benchmark against other restaurants, and it was delicious.
The beer list is what you would expect at any good Madison restaurant, which is very good, but the cocktails list stands above most places, excepting places like Forequarter that are known for their cocktails. I could see going to The Spot just for drinks (but beware - there are only five barstools...it's not what you would call "a bar").
The only possible downside was that some of the staff was perhaps a little *too* attentive, which makes sense when you realize they only have nine tables to give all their attention to, and they just opened and are trying to make a good impression. But they definitely are making a good impression...so hopefully in another month or two they'll relax into their stride a bit, and will be worth each of the five stars.
$40 for two entrees and two fancy cocktails.