You pay after you finish your meal. The food is wonderful and the wine pairings are often quite inspired. The area where you dine is an alcove off the kitchen. When we first started doing the Chef's Table, it was really in the kitchen -- the chefs were washing pans in a big sink near our table. Now, they've rearranged things, built the alcove and the table is a bit further from the action. You can still see the chefs doing their work, however. The dining room is much more romantic, but the Chef's Table is fun if you are an adventurous eater and willing to try lots of things -- foie gras, wagyu beef cooked rare, pork belly, a bit of caviar, quail, crab, lobster, etc.
They ask you for food preferences and won't bring you something if you don't like it, but I think the whole experience is kind of wasted on someone who only likes well-cooked steak and potatoes. But, if you like interesting and exotic foods and flavors, as well as generally great wines (although we've had a couple of paired wines here and there that we were less than excited about), you'll love it!