Hospet Experience: Hospet is good for stay, but you donot have much to see there. Tungabhadra dam is huge, located about 6kms from bus-station. Worth seeing if you have time in hospet and especially in evening.
Food, sight-seeing and shopping: TB Dam, not much of a shopping place, good nati bananas are available.
Food- Hotel Naivedhyam is a good veg restaurant. Don't fall for Malligi's restaurant, they are not that good, also south Indian is not available here.
Activities & things to do: People escape to hampi to do all the sightseeing there, about 11kms from hospet is a beautiful heritage place, hampi, you can takeup all 2 days to see the ruins of Vijayanagara, Dont miss Anegundi, this is less commercial place to getaway from Hampi.
Just take a boat across river, you will get to Rocky Anegundi village. If you are religious visit anegundi mata and also NavaVrudavana, just beautiful, I dont have words to express the beauty here..A very good getaway!!
Travel tips, How to reach, travel warnings etc: A direct train to Hospet is available from Bangalore. We took a train from Blore to Chitradurga, halted there for a night, took a bus (it was packed) to Hospet from Chitradurga. Roads are HORRIBLE!! to Hospet, so expect a dancing vehicle:-)