I think Le Cellier is generally a good steak for the price. It isn't Morton's or Ruth's Chris. My favorite steak place in the Twin Cities is the St. Paul Grill. Its $7 for a Ceasar Salad, ($6 a Le Cellier), and their 8 oz filet is $31 (Le Celliers 7 oz is $27, but is served with mashed potatos - you'll spend another $6 on mashed potatos at the St. Paul Grill). Now, the food IS better at the St. Paul Grill - but a very similar meal will run $44 as opposed to $33. We've always found the steak at Le Cellier to be decent - but not exceptional.
The same meal at the Yachtsman (which I haven't been to, but I'd expect to have similar quality to St. Paul Grill) - salad is $8 , filet - including the potatoes is $34 - $42 - still not a bad value.
Shulas - $9 salad, 12 oz filet is $40 (Shula's doesn't serve small cuts), baked potato (they don't do mashed either, $7) - $56, but you are getting a bigger piece of steak. Not a good value (though I hear it is an excellent steak.
Kincaids, another national chain steakhouse - $7 salad, $30 petite filet (with au gratin potatos AND asparagus, but no size on the filet) - $37.
My local Outback (I think Le Celliers steak is better than my local Outback), serves the full meal (salad, potato and steak) for $19 - but as you said, you aren't comparing it to Outback - and their filet is a different cut.
(Morton's and Ruth's Chris don't even bother to put prices on their web sites. I remember both meals running at Shula's style pricing.)