Haven't been there in a long while, but I'll give you the chowhoundish conventional wisdom (which hopefully others will flesh out, or, if necessary, dissent against):
good fun place, great drinks (esp. caiperhinas, which are alleged to be the best in town), noisy (in a "fun" way), food is decent-to-good.
re: Jim Leff
I too have not been there for a while, but it is definitely not a new restaurant (it's been there 3-4 years already)
What I liked about it, was that it had a pan Latino menu with some interesting takes. I do agree with Jim, a great place for drinks, rather noisy and the food is good but not incredible, but definitely I would go back (so why haven't I? too many choices)