You have to go to Silky's when it is nice outside. Their open-air courtyard will make you appreciate everything about Memphis. I have been here on several occasions, and it is a great place to go and just chill with a bunch of friends. The courtyard is very cute, with wrought-iron chairs and a nice little patio for live music. And goats, but that's a different story.
If you are looking for a place to dance, then go inside. On the weekends, they usually have a good band that plays a variety of music.
The prices for drinks are about equivalent to everywhere else on Beale Street. But Silky's does have one thing that nobody else does... the Diver. If you go to Silky's, you have to try it--it is big enough for a group (don't try to drink it yourself), and the taste is original. Then you can keep the bucket as a souvenir (if you will ever use it again).
Be fair warned, though--the restrooms here are a little gross, so I wouldn't suggest them. In addition, this place is a fairly large college/young adult hang-out during the warmer months. So if you aren't interested in drunk college kids, I wouldn't come here.