We went here with a couple of my Peruvian cousins who live nearby in Pueblo Libre.
Firstly the venue is huge and has areas to suit your taste - if you want a bit of a dance, there is a big room at the back where you will find young locals dancing to the latest latin rhythms. If you want a quiet place to eat, there is a room just for that. If you want a bar without dancing, then there is one of those too. There is also a nice outside area where you can get fresh air with some drinks.
The food is very good, criolla-style and served in large portions. The pisco sours are mixed to perfection too.
Pueblo Libre is not on the tourist trail itself and I would express a bit of caution on wandering around it late at night (as a tourist), however, this is a solid, secure venue where you can get a real feel for a local fiesta.
Incidentally, it also near the big artisan market of Avenida La Marina where you can get some top quality gifts / souvenirs at far cheaper prices than in Miraflores or the historic centre.