As I mentioned before, Hy's Steak House is the best steakhouse I have ever been to. Kobe Steak (1841 Ala Moana Boulevard Honolulu, HI 96815 - map here) doesn't do anything to challenge that claim.
If you've ever been to Benihana, then you're familiar with Kobe Steak. It's a Japanese style steakhouse where they cook the food on a grill in front of you. The food itself was fine, but nothing spectacular. The chef was pleasant enough, but even his performance was more like that of a lethargic mime than a dinner show entertainer. We ordered a drink - on the rocks - and actually had to double check to see whether they forgot to pour the alcohol.
I think my biggest problem with the place was the value - or lack thereof. I recognize that these types of restaurants overcharge because you're getting a show with your meal. However, this place takes the cake with overpricing. They take full advantage of being next to the Ilikai Hotel's tourists, being in Waikiki, and being a Hibachi-style restaurant. The average price for this disappointing restaurant only adds insult to injury. So in the end, if you are in the mood for this type of restaurant, wait until you go home, or try the Benihana in the ala moana shopping center. But whatever you do, avoid this place.