I only really view Barnstaple through Rose-tinted glasses because I only go out there three or four times a year, and on Days like Xmas eve or Boxing day there a millions of folk to catch up with - good time guarenteed.
If you didn't grow up in N.Devon then you haven't got that and suddenly the prospect of going out in Barum doesn't look so great.
Mind you there are still plenty of good pubs in the area, but fuck-all to do later on I suppose. A mate of mine started putting on Drum and Bass nights in The Golden Lion Tap but that was about a year ago. I'm not sure if they're still going.
Do you like Sport? You could toddle along to the Footie/Rugby clubs for a drink on a Saturday afternoon - sure to meet some people down there (Including me on Boxing day for the Barum Vs Bideford local derby - best piss up of the year by far).
The pubs djbs recommends are good - I always liked drinking in Braunton, but that was more a 'gang of mates' thing - nothing incredible about the pubs except the fact that 1) There are loads of them really close together and 2) They're all decent enough! We'd go to The Aggie, The London Inn, The New Inn, The Black Horse, The White Horse, The Mariners, The George and get the last bus home.