Spent a month there two years ago. I didn't have any great restaurant experiences, but most people are cooking out at the cottages. In the center of Corolla, there's a tremendous seafood/farmstand, where hours-old tuna, grouper, and shrimp are on hand. That's the way to go.
Be sure to stock up on booze at the liquor store south of town, since it's the only one and the blue laws in that county of that state are among the most comprehensive I've seen. Avoid the Food Lion on Saturday if there's any possible way to do so. Other than getting ready for a hurricane in FL, I've never seen anything like it. Packed to the gills and staffed, inexplicably, by European teens over for the summer to work. Not too motivated to deal with mobs of just-arrived Jersey families loading up for the week. If you can, I'd also consider stopping at a larger, better and better stocked supermarket before bridging over to the OBX. The pickings are pretty slim on a good day on the beach.
If you'll be driving, there have been some great travel posts, including one regarding the drive to VA Beach. Some nice BBQ, ham, and drive-in stops along the way in KY, WV, VA and NC.
Oh, in the old village of Corolla (by the lighthouse) there is a very traditional BBQ shack for solid estern-style 'cue. Corolla Village BBQ, I believe.
You'll see that most of the restaurants are in strip malls. The beach is reserved for cottages, more or less.
All in all, a great place.