I suppose that really depends upon your tastes and perception of quality. We found the cost of living overall marginally cheaper than in the UK for most things. Imported goods are expensive but local delecacies like the sublime Keo beer are very cheap compared to the UK.
Eating out is good value and probably about 20% cheaper than the UK.
Jewellery and glasses/sunglasses are very good value.
I've always gone on the adage that you should take as much as you can possibly afford to. Cyprus is good value though and I'd take about �100 per day for the two of you for the duration(are you 7, 10 or 14 days?)
That should cover evening meals and any excursions, para sailing etc.
Have a nice time, my turn next year!