Went there recently with the wife and two teenage daughters. It was fine. It doesn't overwhelm you with the food. You're paying for the location and the scenery, being right on the Santa Monica Pier. But maybe that's not a bad thing.
I love the Lobster and go there regularly. The kids will love the view of the ferris wheel and rides on the Santa Monica pier below. The Calamari, Lobster Stuffed Avocado, and Seared Day Boat Sea Scallops are some of our faves. This is my "go to" place to take family/friends visiting - and never had a complaint. In fact - this is the first place my mom always requests on her return visits.