I've been here once and would go again, but only on a special occasion. The main reason I wouldn't make it a prime destination is because I'm a vegetarian and the restaurant isn't very friendly toward that dining choice. On top of that, it is rather expensive. If you eat meat you will most likely get more value out of your dollar. That being said, it's nice to see an addition to Phoenix' dining scene that keeps dining options diverse and both ethnically and internationally represented, in this case Brazilian. I did enjoy the salad bar they have and the ambiance is intimate and dark. The serving method is interesting, as they bring meat on swords and carve bits off onto your plate. I went with someone who ate meat and noticed the servers came around several times with different choices each time. They do, however, serve caipirinhas, which I am extraordinarily curious to try.
In sum, I'm sure it would be a nice choice if you're carnivorous or omnivorous, but if you are any sort of vegetarian or eat very little meat I wouldn't recommend Fogo y Brasa.