We did Palo for dinner and thought it was great. Every cut of beef I had in the MDRs was smallish, sometimes dried out, nothing to write home about, but the blue cheese crusted tenderloin in Palo was excellent: a real tenderloin, medium rare, but definitely not raw. The lobster ravioli were rich and tasty. Someone else nearby had some entree with mussels and other seafood, and it looked good.
I really doubt that you'd regret going. We also got some kind of Palo 'sampler' of 3 desserts (including the famous custard one), and they were great.
Palo is definitely like a $40-50 per person type of experience, depending on what kind of appetite you bring.