Alchemy is definitely A-OK but nothing better.
First, there's always a long wait for a table so don't try to get in on a weekend evening without planning on hanging out at the (small) bar for awhile and grabbing a cocktail or beer.
Second, the food is good but not spectacular... except for the pate special! Whatever kind of crack they put into it, it's always amazing and the bread is perfectly toasted and delish.
Third, the ambiance is pretty good overall, and they often have live music on the weekend, which makes it a good place to go on a date or with a group.
So, really, Alchemy is a place to get food that sometimes is tasty. Overall, MEH.