It is what it is. Rather than get some no-body tourist-centric fried clap-trap (plenty of those--see Shemp Creek or downtown) it is where the locals all go when they have a penchant for what many of them were raised with. Correct about the prices, higher than what you would expect.
Gotta love the location though. An American original.
Unless it's changed since last I visited, The Wreck is open for dinner only.
I would rate The Wreck this way:
Atmosphere (or anti-atmosphere as the case may be): Not to be missed.
Food: Limited menu, but they do fried seafood well. I also like that they include both hushpuppies and fried grit cakes with their seafood plates. Skip the she crab soup. Their version is thin and bland.
Price: Higher than you'd expect for a place where you order by circling your choices with a pencil on a paper menu.
In summary, I think The Wreck, as a local institution, is definitely worth seeking out once. Beyond that, repeat trips are open to debate.