We ate at Kaibo twice during our trip to Cayman... though I wish we'd sampled the 'upstairs' restaurant fare one of those times, we were pretty casual both times in the Rum Point area.
The first stop was part of our Fat Fish Adventures outing - highly recommended btw - and the second was for dinner before a nighttime bio tour with Cayman Kayaks - also recommended.
The first time, we split the flame grilled mahi sandwich for lunch. And the second visit was burgers and fish & chips. Sitting outside, watching the water... away from it all... really casual, kicked back kind of place with decent food.