Fun place, decent food, great atmosphere. One of the few places where I don't mind waiting for a table. The courtyard and margaritas create a fun environment.
The food is good, but slightly overrated. For quasi-New Mexican cuisine, I'd venture to say that Richardson's/Dick's might be better.
The location is Manhattan is also fun and the food stands out there much more than it does here. Visiting Los Dos when I lived in NYC always helped stave off homesickness.