Yes, the food is good. But the 3rd level terrace is the reason to come here. Our group of 4 had rented a car in the morning and drove all the way around the island, stopping at the lighthouse, the red beach, and a black beach, and we ended our day in Oia at this restaurant. We arrived about an hour before dinner time, so we were able to get the 2nd best table to see the sunset (the corner table had been reserved). The sunset glow makes everything magical. The view of the caldera, the water, the cruise ships coming and going, the lighthouse that we had been to earlier on the other point of the crater (also recommended if you have the opportunity - fantastic views of Oia) was amazing. The crowd here seemed very hip. People were well dressed to come here (unfortunately, we weren't - we were sandy and dusty from our day), and the waiters are good looking young men in tight jeans! FYI, if you have a car, you need to park on the outskirts of Oia, and walk in. There was plenty of parking when we got there.
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