We went here for a wedding on Friday night and it was very nice. I didn't expect much from The Watershed, as this has been several other unsuccessful restaurants relying simply on the lake views to bring in customers.
Watershed is different; and, although I only had the wedding meal, it was prepared by The Watershed kitchen and was very good.
The bar is great too, it is very large and has some great bar tenders to serve you.
Of course, there is always the large patio in the back that sits above the lake and is very nice to relax and have a meal, or just a drink.
Go and enjoy the sunset over the lake, which is an uncommon experience at a Phoenix restaurant!