I think it may depend on what type of entertaining you are doing. We had family in town for Thanksgiving and we all went to Davio's for dinner. They sat us in the wine room which was nice because the noise factor in the main room and bar is significant. In fact I had to request that they lower the music which was blaring above our table and they were very accomodating.
With drinks, shared apps, entrees, shared sides and shared desserts, the bill was a little over a hundred per person which we found to reasonable for downtown dining on a Saturday night. Everyone in our party of 6 had steaks - one was way underdone, returned to table still not quite right. Other than that, everyone really enjoyed the evening,
Luxury chophouse and slightly-creative Italian under one roof. I find it useful as a crowd-pleaser for business entertaining, but business entertaining often means seeing to the comfort of visiting culinary dullards. Its private dining rooms are excellent for business purposes. A handsome, loud, airy dining room.
Otherwise, I think finlero hits it on the head: it's rather expensive and on the dull side for what it is. Some of the small plates are decent for bar grazing, like the pizzas and those cheesesteak-filled eggrolls. But I find it kind of annoying that the bartending quality is so variable. I expect to be able to get a good cocktail at those prices, but it's a crapshoot there.
What would you be looking for in your experience? Steak? Italian? Trendiness? Personally, I find that Davio's kind of misses on all of the above, with rather boring food and high prices. There are better steaks at steakhouses, there's better Italian food at any of a hundred Italian restaurants in town, and there are many trendier restaurants nearby.
There are a ton of posts about this place on the board that both ratify and counter my opinion: