It's good, in the full, unvarnished sense of that word.
I sound a gentle cautionary note as to items (other than alcoholic drinks) that are served at room temperature or lower. Coins of braised octopus ($16) not quite room temperature, not quite chilled were a little rubbery, although tasty. And the bread in the tirelessly replenished basket was both tough and under flavored; perhaps that was why the accompaniments included not only butter but a small dish of sea salt.
Still, Waterbar is lovely and worthy, a place that, despite its deluxe location and big ownership names (Pat Kuleto, Jan Birnbaum), offers something like value. Not many view restaurants can make that claim.
Dinner: 5:30-10 p.m.
Lunch: Mon.-Fri., 11:30 a.m-2 p.m.
Brunch: Sat.-Sun., 11:30 a.m.-3 p.m.
399 The Embarcadero, SF