Yes, the festival is always fun and very worth seeing. different every year, of course
As for eating....Ashland is not very big and most everything is right downtown. Just follow your nose and look at menus posted outside. I forgot to mention, check with Yelp and Chowhound. Also, ask the store owners when you are browsing downtown. So many restaurants have gone out of business, so I'm hesitant to give you any reccos