We had dinner for two here in early January 2014. The new location of El Tercer Ojo (Tripadvisor has not been updated yet, but it's now on Calle La Calzada--the pedestrian area in Granada) has been well executed. Felt a bit like a Miami outdoor restaurant. Very tranquil. At night the courtyard had a nice atmosphere and good lighting.
The cheese plate included cheeses not typically found in Nicaragua, and were quite delicious (definitely the best we've had in Nica). My companion had the fish (good), while I had the veggie kebab (not so good... perhaps even flavourless?). I'm usually a member of the clean plate club, and the waiter didn't ask why I didn't eat more than a couple bites from my dish.
The service needs some serious improvement. I think they were down some waitstaff that night, but jeez, really... the service left A LOT to be desired.
With some waitstaff training, and more attention to vegetarian options, I think this restaurant will earn a "5" on our next visit.