It's not a cheap place, but I'd say that definitely worth the price.
I went there with a colleague, both meat lovers, and willing to share the Tomahawk steak. The meat was top quality and cooked to perfection: we ordered it medium rare and medium rare it was. Regarding this latter aspect, amongst other things you are paying for the expertise at the use of the grill. In many places it's very difficult to get a steak cooked to order, but both my companion and myself were totally satisfied with the juiciness and tenderness of our Tomahawk. The steaks I've had in other joints in town, within the 300-500 RMB range, really stand no competition. The sides were good, and so were the bread and the appetizers we were served.
Unlike some other reviewer, I found the service excellent. The young lady who waited our table (and who had also attended me on my prior visit to The Cut, during a Restaurant Week) was extremely professional, cheerful and knowledgeable. The rest of the staff also clearly knew what they were up to.
To sum up, it's not a place to visit every weekend unless you have a nice expense account, but it's definitely worth the splurge for someone who is craving for an excellent steak in a very pleasant environment and with top service.