Cape tour is a 'must do'
Evening sunset cruise depends on the weather
Helecopter ride is fantastic
Elephant whispers, I personally found was overpriced for a lecture and a chance to touch an elephant
Knysna Township is a must do
There are game drives in the itinary, but the extra drive is well worth the extra cost.
I personally did not want to go on the wineland tour.
I found that purchasing a day ticket on the City Bus company tour (like the London bus tours etc), who operate from the bay area, taking a complete circuit on it and then using it for step-on/step-off, allowed me to explore capetown and the beach areas which was a great day and a small cost.
Here's a link to some videos I made for the first part of the tour I was on in Aug
http://www.youtube.com/playlist?list=PLEDC1E9007DE14F37