It seems we are in the minority, but we have really enjoyed Coral Reef on two occasions. The first time was in September of 2003, and we had the old Dreammaker Silver package (similar to the current dining plan), so we each (2 of us) got steak and lobster. They were incredible! We had seats in the uppermost row, but it was still enjoyable. I think it's worthy of mentioning that even though we weren't "paying" for the food but instead got it on the package, our server was still attentive and didn't treat us badly like some restaurants have reported to do to the package diners.
The next time in Oct of 2004, and we paid out-of-pocket. I had the jumbo shrimp cocktail and the grilled shrimp entree, while my sister had the blackened catfish. I can't remember what dishes our mother and aunt had, but we all enjoyed our meals. We sat right next to the glass (I had asked for this when I made the (then) PS, and they said to ask at the counter. We did ask when we arrived and only waited 10 minutes. Our server was great, the food was fresh, and we really enjoyed the whole experience.
Undeniably this is an expensive restaurant. Part of our vacation splurge, however, are costly restaurants. We don't have a large variety in our hometown, so Disney meals are great. The only bad meal we've ever had a table service restaurant was at Fulton's our second visit (who we perceived, maybe incorrectly so, barely acknowledged us once we handed them the package receipts at the beginning of the meal). For those 2 reasons, Fulton's has been permanently replaced by Coral Reef.