You are paying for the view. It is breathtaking. The decor is old-school and dated. The service is fair - not terrible, but not worth the price. The food is ehhhh - not the worst I've had, but no where near what you would expect for the price point.
Recently here for an event. The salad was extraordinarily overdressed with a balsamic dressing. The main course was a filet. These might have been the biggest filets I have ever seen. They were cooked perfectly, much to my surprise (banquet beef is usually overdone). It was served with a bearnaise sauce that we passed around the table. I should've passed on the sauce- it had little flavor. The steak also lacked seasoning and was under (or maybe not at all) salted. The sides were carrots (cooked nicely- cooked through but still maintained some firmness), green beans, and some roasted potatoes (would have been nice if they had some more seasoning or sauce).
Be forewarned, valet parking is $6. A little steep, in my opinion, but Mt. Washington parking can be tricky. The prices at the bar weren't outrageous- charged me $1.50 for a diet coke.