It's been over two years now, so I cannot review the food in detail. However, let me review this place, the service, the vibe.
The service was impeccable.... absolutely impeccable. The decor was out of this world, with beautiful tables, set apart far enough from each other, in such a way that every table can view the majestic fountain show in the Bellagio pool on the strip. The food... let's just say this is one of my top 10 restaurants of all time. The food was just amazing!
Wine list was steep... Entry level was $100 and went up from there. It was well worth it, however, and would go back to Picasso in a heartbeat.
Note that nobody seems to have mentioned that this place actually displays original Picasso paintings in the dining room.