Ubud is located some 1 hour north of Denpasar and a little bit more travel time if you are coming from Kuta, Nusa Dua or Sanur. There are two different routes to get to Ubud. One is through Batubulan and Sayan which has one of the best view of rice terraces in Bali. Another is through the rustic villages of Celuk, Sukawati, Batuan and Mas. Naturally, all the roads will converge into Jalan Raya Ubud (Main Road).
Along with Monkey Forest Road, Jalan Raya Ubud has a good concentration of cheap or luxurious accommodations, fine restaurants, gift shops, art galleries and convenience stores.
Despite being the main thoroughfare in Ubud, Jalan Raya was not as congested as I initially expected. Nonetheless, there were plenty of local bemos and Kijang (Toyota Unser van) parked by the roadside, waiting for customers who want to get into the Balinese heartlands which may not be accessible on foot.
At the intersection Jalan Raya and Monkey Forest Road lies Puri Saren Agung (The Royal Palace) which used to be the seat of Ubud local rulers. One can walk around to admire the architecture, or check out the local schedule for evening's dance performance.
There is also a nice local temple (Pura Desa) along Jalan Raya Ubud, nestled between hotels and cafès. Some minutes later, you will arrive at the entrance of Museum Puri Lukisan (Art Museum). There is a minimal entrance fee if you are interested to see the arts on display.
Not a bad stroll. There are a few art shops that worth checking out. That may already take some hour from your day. Or the selection of fine dining is plenty here.