You can select from many traditional meals, I guess everybody will find something what will attract him. Everything I tasted there so far was very good, so I can really recommend you this place to have a lunch or dinner.
You can drink Budweiser Beer here, it is not cheap, but also not expensive and it tastes good. They also offer variety of wines, which are good priced.
Orlík is yet another restaurant in Prague center, where you can go without affraiding that you will pay too much for food.