Dauphine's recently opened on Stage Road at Appling, in the former Anna's Steak House location. We've had Sunday brunch there twice now, and both times it was very good. It's not out-of-this-world-fantastic, but for the same price as IHOP it's significantly better food.
I haven't yet had lunch or dinner there, but the menu looks appetizing with a pretty good collection of dishes that are hard to come by in Memphis. The focus seems to be New Orleans/Southern (po' boys, red beans and rice for lunch, a variety of seafood dishes at dinner), and you can easily get filled for less than $10 a person at lunch or brunch.
Their French Toast (it says "lost bread" on the menu but they look at you funny if you order "pain perdu") is a little too sweet for my tastes, but still very good. The St. James crepe my wife ordered was excellent, and the Omelet Dauphine was also very good.
I'll post an update when I get around to trying something that isn't breakfast. In the meantime, go there for breakfast.
Note: their website (www.dauphines.com) says the chef de cuisine used to work for the food network, but I don't hold that against him.