I'll start by saying Schwartz's lives up to the hype. Old school Jewish Delicatessen vibe, no thrills decor, and that mouth watering scent of meat when you walk through the door.
We had a group of 20 guys (for a bachelor party) and went to Scwartz's around noon on a Saturday. The line was long but moved extremely quickly - this may have to do with there only being 3 sandwiches to choose from - either way, we destroying our smoked meat on Rye within 20 minutes.
Bread: Not the traditional Jewish rye I am used to - it was a softer, smaller version of the classic deli sandwich bread.
Meat: Succulent and you really get a variety of type in your sandwich (finely chopped, thinly sliced, etc) - the burnt fatty ends were the highlight.
The sandwich itself is smaller then your NYC Delis, but the price reflects that as well. The one knock I have was the brown mustard was not available as a free condiment. They do sell the brown mustard in a bottle, which was a little frustrating as I expected it to be available for free.