New Years Eve in Pasadena
I went to Fred's today (Arroyo and Colorado), and the waitress showed us a flyer about the New Year's Eve event there. I think it's $35 per person for dinner and entry into the restaurant, and they have presale tickets right now. I don't plan to go, but if you want decent food in Old Pas, it might be fun. The place just opened three weeks ago.
Fred's Mexican Cafe
119 E. Colorado Blvd (at Arroyo Parkway)
Yes, depending on what "reasonable" means to you, you can check out Red, White + Bluezz' New Year's dinner celebration (featuring Cal Phil Jazz Quartet).
Or, you can look into making reservations at El Cholo (Fair Oaks Blvd.) or Mijares (Pasadena Ave.) for some good Mexican food, lots of margaritas and mariachis or music of some sort.