I really didn't think much of the main dining food, but we enjoyed Palo. If I were paying regular prices for it, I would call it a solid 3* (though our first visit was better than our second. I ordered scallops and shrimp on our last visit and found them to be on the wrong side of fishy tasting). But let's be fair, the big thing about it is that for $30+tip you can eat respectably prepared food and A LOT of it. I think that's what I think of when I ooh and ahh over Palo. But if Palo were in the real world, I'd feel like I overpaid if I paid more than $75 for two people each eating an app, entree and dessert.
Though I'm weird -- I prefer the dinner to the brunch. I dunno, guess I'm just blessed to have had some amazing brunches that weren't that much more expensive than Palo.