The Bayou is definitely one of the best values in Memphis. Nestled behind the flashy Overton Square, it might take a hunt to find it, but it's worth the search. I was taken there my first time by a Cajun friend and from then on it's been a place I like to take others. The food is delicious and as authentic as you can get this side of New Orleans. It won't hurt your wallet but your taste buds are another matter. Try the Cajun Shrimp Jacuzzi, one of my personal favorites.
Pros: Inexpensive, Great Food, Ambience
Cons: Small, Small, Small
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