I've been to a couple of Trader Vic's locations, and this one measures up. It's hidden on the Hotel Valley Ho property, but thankfully, it's a totally separate venue. Awesome drinks list, and the happy-hour specials were unreal ($6 HUGE tiki drinks, sizeable appetizer plates from $1 to $3). Our server wasn't quick, but all the other staff were totally on their toes.
If you go, the Suffering Bastard is a knock-out. Even more so than TV's famous mai tai!