Overlooking Rincon Sito beach and just at the end of the road of the same name, Estrella Fugaz offers a good range of breakfasts in the morning and fish and local dishes in the evening.
It is a bit more classy than some of the other places in Mazunte, perhaps because it's upstairs and offers a view or perhaps because the food is just a little more carefully prepared.

Chilaquiles
The coffee is particularly good, and the breakfast chilaquiles are worth the money. It is a little bit more expensive than some other places but probably worth the premium because of the location and the food.

Beach view
Chilaquiles, for those who haven't experienced them, are a Mexican breakfast dish consisiting of fried tortilla chips with a salsa (either spicy green or less spicy red) served with crumbly cheese, cream, and an optional egg. They can also come with meat and here they are served with black beans and rice.
They often show live sport on the TV here and in the evenings there are live bands performing although I can't vouch for their quality as I never visited.