We just moved to Fountain Hills from Chandler so we are checking out the local restaurants.
We expected Alchemy to be good considering all of the great reviews, but I didn't expect to be overcome with the desire to eat here every weekend -- bit expensive, but outstanding! And if you compare the pricing to Old Town or elsewhere in Fountain Hills, it really isn't that much over average - but everything was cheaper in Chandler :-)
My favorites were the appetizers as usual for me (sashimi app is to die for) - and the excellent cocktails - and then the view! Beautiful view of the mountains from the wall of glass - will definitely go more in Fall/Winter/Spring and sit outside on the terrace - cant wait!