It hurts me to give Jacobs & Co only 4 stars - the steaks are second to none in Toronto, but the service was extremely poor across my multiple visits to this restaurant.
I dined at Jacobs twice in March 2015 and both times we experienced the same inadequate service. Examples of issues: cutlery falling when replacing plates, dirty forks and knives, having to ask multiple times for water refills and general lack of service (we had to actually walk away from our table to find someone to bring the credit card machine). I usually am not that picky when it comes to the dining experience, but when the meals were close to and over $1000, I hoped for at least satisfactory service. Also, there were fruit flies both times I visited - possibly because we were seated near the oyster bar, but I don't think that should be an excuse.
Service aside, the steaks were excellent and extremely memorable. The Japanese wagyu literally melts in your mouth and the 'regular' cuts of meat were top notch. If you don't like the extreme fattiness of the Japanese wagyu but also want the intense extra flavor that the fat provides, consider ordering the steaks from Snake River Farms. These hybrid steaks have the firmness of a 'regular' steak and also have the extra fat content which gives the wagyu feel (they are cheaper than Japanese wagyu as well).
The service isn't a deal breaker for me since the food was so outstanding, but I hope my dining experience will be better the next time I visit Jacobs & Co.
Food - 9.5/10
Service - 6/10
Atmosphere - 8/10
Value - 8/10
Overall - 8/10