Thanks to all of you for your feedback and help towards our Oct trip. We're going to try and do it fairly economically and stay at a B&B near Hamilton (Kingston 3) and buy a bus pass. Will let you know how that works out. Next I'll be looking for good restaurant values - not quantity, quality with maybe high end restaurant for good measure.

Leah, did you look at Watercolours B and B? I don't know the Kingston 3 so I will be interested in your trip report.
Bermuda publishes a menu guide which covers many of its restaurants. It costs two or three dollars and as I recall was for sale at the Visitors Information desk at arrivals at the airport.
Here are some restaurant suggestions:
Ascots at the Royal Palms
La Coquille at the Underwater Exploration Museum
Waterloo House
Aqua at Ariel Sands
Fourways
I have been to Bermuda a number of times. In my experience October is wonderful, very warm, still swimming temps at the beach and pleasant in the evenings.
Be sure and take a ferry ride!

I just checked out Kingston 3, looks like a good choice. I think you will be able to walk to most restaurants.
Have a wonderful time in Bermuda. It really is another world.

thanks CMCfong - you are consistently such a great resource on SO many places! We did look at Watercolours but veto-ed it based on location and price. Kingston 3 looks nice with an endless pool and breakfast...who knows, it'll probably be so close to Front St. we can lean out of our window and touch the cruise ships - hope not! Will definitely do a ferry ride - any recommendations?
Thanks for the restaurant suggestions. I think we will probably head up to St. George one day, go snorkeling somewhere and rent bikes and go on the bike trail which has been created from the old rail line.

For an inexpensive lunch try Aggies Garden at Falconer House, 108 Pitts Bay Rd., Hamilton, Bermuda
Phone: 441/296-7346
Take your own bottle of wine and enjoy sitting and watching the boats in the harbor.

I guess we were posting simultaneously.
From the map it looks like you will be on the quiet side of Hamilton well away from the cruise ships. It is fun to watch them sail in and dock.
The ferry ride to Dockyards is the best. I love to go around sunset. Definitely rent a moped, be careful, don't ride in the rain, stay sober...they are a blast! I love to ride them. I will admit that my least favorite place to ride them is on the way to St.George's near the airport. There is always a very strong wind out there. I do enjoy the rides though because you get a chance to explore the beaches on your own. Such a gorgeous place. I am headed there myself in December and looking forward to it.

PS the Bermuda railway trail is superb for hiking or biking.

Leah, one other thing I forgot to mention is that our b and b is very near Miles Market. They have an excellent selection of take out foods and some interesting imports which are priced better there than in the stores.