My favorite place to hang out when I'm back home is 12 South Taproom ( http://www.12southtaproom.com/
). It's a smaller place, but they usually have pretty good beers on tap and every time I stop in they always have something new. It's sort of a neighborhood hangout type place. Great, laid back environment and they sometimes have pretty decent music, plus I can walk home from there.
The Saucer is excellent from a beer selection point-of-view, but it gets way too crowded for my tastes. If I'm going out with friends to have a good time it's decent enough as it's a festive atmosphere, but if I want to chill and have a few beers I'll got to 12 South.
The Saucer is as far in to downtown as I'd go. It gets too touristy the further down Broadway you go, though I'm a little biased to Midcity/Belmont as it's where I grew up and call home.
Also, Yazoo is building a new brewery and taproom. Their old taproom was kind of small, but I think their new one should be a good bit larger.