I've lived in Ankara for 2 years and I haven't managed to find the time to get to Cappadocia (I know, I know, shame on me!). I've got some holiday time this month so I'm finally going to make the trip. I'd really like to make the most of it but I'm on a rather tight budget, so I think I'll have to skip extras like the air-balloon ride. Has anyone got tips on:
a good bus company
your favourite cheap, clean, air-conditioned pension
must-see tours and activities
night-life

How many days/nights should one stay there to properly tour the place?

As you are busing down (I don't think it really matters which bus company), remember that the cappadocia area is quite large and you can't really just get around on foot. For this reason it might be a good idea to go on a tour, that way you get to see everything. Don't bother booking beforehand, just visit the travel agents when you are there and bargain. As for accomdation on the cheap you can't go past the cave pensions in Goreme. No air-conditioning as the temp. inside is also nice and cool.

or hire a moped. careful though....

Thanks for the tips guys!

Other tips: watch your possessions if you get drunk at Flintstones in Goreme. I had a passport lifted. But we got it back. Most fun was had at Zelve, where I recall more opportunity to clamber around caves. UcHisar's a fun climb and a great view. I would go for the moped option once you're there. You can explore yourself without a guide. Goreme's cheaper, Urgup's posher. Underground cities are uncomfortable. Have fun.

Overposting, but the best frescoes are in the Goreme open air museum in one of the churches at the back -- the Karanlik Church??

As it happens I know a thing or two about the guys who run Flintstones and will not be spending my money in their establishment.