Went to Timo's about a year ago. The food was OK, with a few exceptional dishes (I vaguely remember a fish dish was excellent), but overall I thought it was not a good value, especially when compared to Esperpento (food is more rustic and inexpensive) or Zarzuela (food is much better at about the same price).
Avoid the paella at Timo's - it was served to us on plates (not the pan that it was cooked in) and was dry and bland.
The tapas at Timo's is more Californian than Spanish. If you're looking for something more genuinely Spanish, I would strongly recommend Zarzuela over Timo's anytime.
On the other hand, if you are looking for something more fanciful and "fusiony" I think Destino (Cal-Peruvian tapas) is a better deal (great food, mellow, easy-going service, moderate prices.)
B44 is also a good bet for tapas (get the crab-stuffed peppers!). They also have good paella made in single-servings.
Thanks to Limster & Melanie for the responses. We have been to Zarzuela & B-44 & would agree, they are both exceptional. We were just looking for something new to try. Actually saw Destino's website and it looks intriguing. Thanks for the recommendation, we may just check it out!! Cheers.