To be honest, Stearns Wharf was kind of a let down. We walked along the wharf in search of dinner options our first night in Santa Barbara, and we were not too impressed. If you are looking for a good place to get food, then I would suggest walking along the Santa Barbara Harbor and stop at Brophy Bros. (I did not get a chance to stop there myself but it gets really good reviews!) or On The Alley (where I did get a chance to stop and try their delicious Coffee Crumb Cake and Banana Bread). Plus a few other restaurants that had nice outdoor seating.
The harbor and wharf are both beautiful places to go for a stroll. There is about a mile distance between the two waterfronts, and there are lots of visitors renting bikes or surreys (multi-person bikes which are much harder to navigate than they look) to ride along Shoreline Drive. Plus every other person is walking a dog. So, beautiful weather, a peaceful stroll along the ocean, and plenty of dogs to pet makes for an ideal day.