I confess to only having been to Pier W for a few (very reasonably priced) happy hours, but each time has resulted in a great experience.
It is clear that the happy hour isn't exactly a secret. Every time the lounge has been busy (with what appeared to mostly be retirees) but there has never been a problem finding a seat. Based upon the happy hour, I expect that a full meal would be on-par if not better than other fine dining establishments in Cleveland.
Although the lounge doesn't benefit from the same views of the skyline and the lake as the dining room, the entire restaurant is decorated in a modern nautical theme (including an aquarium view from the glass elevator) but without going overboard. Service is polite, warm, and has the general sense of being taken care of without being smothered.
As far as food I particularly enjoyed the burgers and sliders (and am looking forward to trying the salmon burger during a future visit.) Vegetarians may be disappointed to find only a few vegetarian options (at least on the happy hour menu) but it is a meat and seafood place after all. That said, there is a Margherita Pizza that I know my girlfriend is interested in checking out sometime soon.
Maybe next time there is a special occasion (or an unexpected windfall) we'll splurge for dinner. I just hope the happy hour hasn't managed to set an unreasonable expectation!