Worth a visit if you want a nice place to sit and good South Indian vegetarian food and excellent filter coffee. Its run by the same family that runs Eden and, if you don't mind the absence of animal protein, they do it quite well. There is also a Chinese place nearby called Canton Beach Palms - serving the usual Chinese menu available in so many places. The place is nice and airy and prices are about Rs. 150 per person. Right on Elliot's beach is Beach Castle serving generic North Indian food along with the usual mish mash of kababs and rotis.
Food is mediocre but the location is great.
You can't get any closer to the sea without actually falling in. The Dakshin at Park Sheraton serves cuisine of the four southern states. The Raintree at the Connemara serves Chettinad food under a huge raintree and is also worth a visit. The buffets at the Chola Sheraton at the Mercara and Sagari are of course worth the money if you are a large eater - they typically cost around Rs. 300. Korea House on Bawa Road in Alwarpet is run from their own house by a very friendly Korean couple - you sit in their dining room and sometimes eat with the family and the lady of the house will help you choose from the plethora of strange sounding names in the menu.