Personally I drink a little every fifteen minutes. If you wait until you're thirsty it's too late. And I'll eat something - half a banana, a piece of flapjack, something like that - about every half an hour. Not too much, because as you say you can't absorb more than about 60 grams of carbohydrate per hour - maybe more if you're using a sports drink. If I'm after serious distance and want to be as quick as i can, I'll take some energy gels. Easy to carry in one's pockets and to consume on the bike, and a quick hit if you're starting to tire.
As far as recovery goes, get some protein inside you within about half-an-hour of finishing your ride. A shot of whey protein, or a protein bar, is ideal.