Terribly overrated. I'm convinced the only people who think this place is exceptional are either a) lucky or b) not well-traveled. Only 4-5 of the 20-odd courses we ate were excellent and another 4-5 were downright terrible. I can't remember eating somewhere that put out a tasting menu where a quarter of it was almost inedible (a dry falafel dish; burnt, bitter mushrooms, etc...). The rest were pretty average. Focus seemed to be more on presentation than taste -- lots of dishes simply didn't work. Ambition was high but execution was poor.
Service was okay. Pacing was awful -- on more than a few occasions, 2 or even 3 dishes came within a matter of minutes.
Cocktails were pretty good. Wine list was spotty (almost nothing in the $90-150/bottle range) and the staff wasn't very helpful with suggestions.
At $100/head for the Carte Blanche, Yours Truly is terribly overpriced for the quality. I'd rather spend $50 more and get a great meal somewhere like Momofuku, Splendido or George. Or spend $50 less and get an equally great meal at Edulis or Black Hoof.
I'm glad I came and I probably won't be going back anytime soon.