Food is unlikely to be an issue here. You will find options of all kinds and for different budgets. From premium cafes to roadside eateries, and Tibetan restaurants to Punjabi Dhabas, everything can be found, if you just look around for it. I’m a huge fan of Tibetan food so I spent most of my time there on a strict diet of Thukpa, Momos, Shabaley and other things whose names I can’t recall (should have jotted these things down on those tissue papers). If you like (or want to try) that kind of food, this is the place to do so.
Hotels and lodges, again, are dime-a-dozen in McleodGanj. But like any other tourist destination, during the season, rooms don’t come cheap and definitely don’t offer value for money. Tariffs at most of the places that I asked around at were in the range of INR 1000 to 3500 per night for a double occupancy.
I found only two budget options. The Tibetan World Hostel (suggested to me by an old friend) offers some affordable accommodation, but is almost always booked out. If you can book your spot well ahead, it might be a feasible option. The other option, of course, was the place that we ended up staying at. At the time we were there it hadn’t been named yet, and was only identifiable with a banner that read “Mountain Trail Trekking” (I don’t know what prompted me to go ask for a room in a building that did not shout out to be a hotel, but I’m glad I did it). It’s about a kilometre away from the main McleodGanj Square, on the road towards Bhagsunag (but before the Bhagsunag parking area. We paid INR 600 per night for a clean, comfortable and spacious twin-sharing room. I also managed to convince Vikas (the very kind gentleman who manages the place) to throw in 4 cups of tea (per day) for free. Steal deal!
I was told that there are also some accommodation options within the monastery. Unfortunately, I didn't get a chance to find out about these facilities and whether they are available to everyone. It might be worth finding out about though.
McleodGanj has options for every budget. So it really is up to you how much you spend on a trip to this place.
As far as tourist hotspots go, McleodGanj is one of my favourites. Its strange concoction of the quiet and the loud works for me. Be warned though. Since tourism is the primary source of revenue for most of the locals, you will come across quite a few folks who are out to rip you off (cab drivers, shopkeepers and hotel owners, in particular). The trick, I believe, is to minimise (or avoid) interactions with those people. That way you will be able to experience the town and its charm in a more fulfilling way.
P.S. - Before you roll your eyes at me for being generally critical of the tourist onslaught in this post (given that I too was technically a part of the same tribe), let me clarify that I don’t have a problem with a place being full of people. What I do have a problem with though, are sights such as the one pictured below (it’s a miracle that any water stayed inside that pool). I tend to run away from crowds like these, and hence the need to highlight its existence so strongly. That having been said, to each his/her own.