Generally about a 3rd less than at home, unfortunately when the Euro was introduced all prices appeared to increase somewhat.
There are loads of great eating/drinking places in both Magaluf and Palma Nova that you`ll be spolit for choice.

One of the great great spanish institutions is called 'Menu del dia' which unsurprisingly translates to 'menu of the day'. This is usually a three course meal with half a bottle of wine, water, bread and olives, served from around 1pm until 4pm.

Some of the restaurants geared only towards tourists offer this, but for excellent food of fair quality and large portions, choose a venue frequented by the Mallorcians and you will rarely be disappointed.

Most of these menus cost between 8 and 12 euros, representing very good value for money. In addition, many restaurants offer an early evening menu for 15 - 20 euros. If you have car you will find a huge variety of places to eat reasonably. In Santa Ponsa there's a good one on the lower ground floor of a hotel directly overlooking the water on the marina side. Can't recall the name! Thomas's near Mercadona in Palma Nova is unquestionably popular with locals and expats and offers a decent supper for 14 euros.

Whatever else, have a great time.