(For the record, since few reviewers seem to want to be definitive about this, the price of the steak special is currently $7.99. That's also what's advertised on the billboard part of the big Ellis Island sign outside, so it's not terribly secret either.)
I had the steak special twice, a few days apart. It's definitely a lot of food for one person. The execution is a little inconsistent. One time I ordered medium (since I read that they tend to undercook) and my GF ordered medium rare; I got something that was sort of medium rare while her's seemed more medium. The second time we both ordered medium rare and her's seemed about medium rare while mine was more rare (but I was okay with that). The quality of the meat isn't anything to write home about, but it is decent, especially for the price.
Their cream of chicken and clam chowder (the soups du jour on the days I went) are both quite tasty. The root beer tastes like... root beer. It's not bad, but not extraordinary either. Service was pretty good both times.