We visited the Waterfront twice in May 2007.
Though the prices are a bit stiff for Hyderabad and you have to pay a cover charge, it's good value for an occasional special dinner (or lunch) due to the cool ambience and lovely food.
It's rare to find a restaurant where not only the main course, but also the beverages and dessert are simply superlative - well, the Waterfront is without doubt, one of them.
Though I don't remember the exact names of the dishes we had, we tried their fish, lamb and chicken dishes between two visits, all of which get full marks on taste and presentation.
First, the beverages.... All too often, we find restaurants having mocktails with fancy or outrageous names enticing customers into trying them, with a lousy final product which is too sugary and has added artificial colours. Thus, we debated a bit on whether or not to have mocktails here, especially at those rates, but the adventurous spirit in me won out and we tried two fruit based beverages.... Well, we needn't have worried - they were fabulous! It a great start to an absolutely blissful meal.
For starters we had a lamb dish and main course was river fish prepared Chinese-style, both of which were very good. The desserts were nice too.
Service was prompt and attentive, much like everywhere else in Hyderabad. The servers even recognised us on our second visit and gave us a nice table.
Lest I forget to mention, it's the perfect place for a date as well as a family outing, with indoor (air-conditioned) and outdoor seating. The location adds to the charm of the restaurant, as it's situated right at the edge of the Hussain Sagar lake, across the water from Tank Bund Road. It would be ideal to opt for the outdoor seating in the evenings.
There are even comfortable sofas and low tables to lounge around with a group of friends.
Overall, a great place, with a rare combination of good food, drinks, location and service.
The only (very minor) negative point is that it's very difficult to get rickshaws or public transport from here at night; oh well, you might as well walk, it'll make you feel less guilty after gorging on a 3-course meal at the Waterfront!