5 of us went last night for what we hoped to be a fantastic night. It was just ok. Frankly for me it starts with the meat. Is it good, yes, just not great. Ambience, staff, wine list all very very good, but the meat (which is the reason you go) can't compare to many of the other great steak places around town.
Now you probably are saying but it is all you can eat, so it is a much better value. I don't see it that way. At $50 a person you could have had some great steak and sides at Morton's, Maestro's, or many other places, especially if you have some lighter eaters with you and they try a few bites of different steaks but aren't trying to gorge themselves like most of us guys are doing. So now where your date might have ordered an 8oz steak somewhere else for $25 and got a side or two for a bit more you are still spending more at Fogo de Chao for an inferior product.
Again, I loved the staff. Very attentive, the Brazilian guys are all funny, happy to explain the types of meat, and what part of the animal it comes from, etc but all in all, I am done with this place. Two times and not wow'd, so I have no reason to return.