For about $50/person, the food is legit. No doubt about that.
One warning though... MEAT. A... lot... of... meat. I found myself not wanting to eat meat for another month after eating there.
Personally, that type of cuisine isn't my favorite. It's very in-your-face with meatiness and saltiness, without much to give you contrast. I prefer a balance of flavors. But, Fogo is still an awesome splurge for a special night out.