Based on eating here twice, SW is ok. Compared with high end steakhouses in NYC, Boston, Chicago, I'd say the food is sub par. With the exception of the actual filet and parts of the seafood platter, I was unimpressed. All the sides I had on both nights varied from average to "are you serious with this crap?"
The decor, atmosphere and waterfall-lightshow-psychedelic-frog thing were solid, but it didn't make up for the food. The service was standard high-end steakhouse excellence and worthy of 4.5 stars alone. I'm sure there have to be better steak options in Vegas. My sense is that SW gets the benefit of the doubt from a lot of people because it's in the Wynn which is one of the best properties on the strip - shame.
Take a pass on this one.