You can't beat the view, Pim's is just below the famous Panecillo and the restaurant is very nice. There is outdoor seating, and a small children's playground, but Quito is often chilly so on the day I was there everyone was inside. I would say the food is better than average, mostly classic Ecuadorian dishes, but nothing spectacular.
Prices are pretty high, most entries start at $15, even soups are $6 to $11. So you are really paying for the view, but the combination of good food with superb view can't be beat.
Don't try to walk to the top of Panecillo unless you are super fit, but the walk down was pretty nice. You should not walk down or up by yourself, there were numerous signs warning tourists that the staircases are robbery zones, but I was told it is not as bad as in the past and especially during the day with others you should be fine.
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