I've been to Ray's the Steaks several times over the last 6 months. The steaks are fantastic, and for a fraction of the cost of other steakhouses in DC. I've been to Charlie Palmers and The Prime Rib and the meet didn't compare and it was 2-3 times the cost. While the service at rays doesn't compare to the 5 star places, the reduced cost more than makes up for it.
Rays is a good place for small parties. They do not handle large parties very well though. I had reservations for 12 and we ended up waiting over 30 minutes for our table. Dinner was still good, but the wait kind of spoiled the mood.
Despite Rays shortcomings, this is still one of my favorite DC area restaurants. Truly a hidden gem!