I've been to Memphis, but not for the bowl game.
Definitely check out the Civil Rights Museum if you can. Also, if there are any Civil War buffs reading the thread go see the Shiloh National Military Park, where the Battle of Shiloh was fought (and where some Iowa regiments saw action). Really neat place for those interested in Civil War history; not too far away from Memphis and worth a day or half-day trip.
Also, while the BBQ is good, also make sure to get some catfish while you're down there!