General Tips -
Best time to visit - Definitely Winters. It's too hot in the summers and many places are closed in the rainy season.
Duration - 2-3 days, if you are planning for break. People visit Hampi for weeks or months at a stretch too to take a break from life.
Recommended for - Friends outing, Solo trip, Take your better half if he/she is into history or hippie lifestyle break.
Best Places to Eat - Laughing Buddha, Gouthami Resort
Best Place to Stay - Bobby One Love, Hema Guest House, Sunny Guest House
Expenses - The bus ride from Pune to Hospet costed me around 2,200 return. Lodging was for a rate of 700 INR/night. Food 250 INR/meal (including drinks, yes food is not that cheap as well). We had our own car to move around but if don't then maybe rent a bike or luna - 300-500 INR/day. Other miscellaneous expenses could be 200-300 INR/day.
Shopping - Hampi has great stuff for shopping as well, if you are into local indigenous stuff. Feel free to roam around and bargain as much as you can.
Essentials to Carry - Loads of Sunscreen, Sunglasses, Odomos, cotton or linen clothes, slippers, power bank.