I came to Fogo de Chao for AZ Restaurant Week in 2010. The first disclaimer is that you have to be a serious meat eater if you want to enjoy all the benefits. I do not eat beef as a Hindu, but I was actually able to enjoy quite a bit of the experience. I got an opportunity to eat really good BBQ Chicken, sausage, a hybrid chicken-pork dish, and several seafood items from the buffet tray.
Fogo de Chao is very similar to tradition Brazilian BBQ. I have actually been to a Brazilian BBQ in Rio, so I know this was very authentic. You start off at the salad bar which has other small items such as cheese, seafood, and fruit. You have quite a wide array of seafood to enjoy for non-red meat eaters. You then sit down in your table and you get a button. Green means bring it on! Red means, stop for now or game over! If you have your button turned to green, you will get constantly questioned about food. I made this mistake in Brazil, and I had everyone and their mom come to my table asking if I wanted food. I was so into the food, I didn't realize this simple little rule. Once you want to call it quits for good, you get a selection of a few desert items.
I think Fogo de Chao does a good job replicating the traditional Brazilian BBQ. The quality of food is very similar from what my red-meat eating friends tell me. This is a good taste of Brazilian BBQ if you do not want to travel all the way to Brazil.