I had dinner at Malo in Silverlake last night (was my second time there). It being a Friday night, with no reservations, we had to wait about 30 minutes for a table. Service was decent, and the space is quite pretty -- would be a fun date place (with a reservation). Actually, for what it is (trendy upscale Mexican restaurant), they did a decent job on the food. I had the mole chicken ($10.95), which satisfied, but was a little on the sweet side. A friend had the lobster tail, which was very good (served steamed with butter and lime, a la Puerto Nuevo, and actually kind of a bargain at $15.95, because it was a BIG tail, and fresh. Two other friends had shrimp dishes, which they enjoyed (I think they were in the 13-14 price range). We ordered several of the salsas with our chips -- the habanero salsa was tasty (smoky and not REAL hot), and they had sort of a red mole salsa that was good as well. Guacamole was very good.
Everything comes a la carte (beans and rice are $1.50 each -- I preferred the frijoles a la olla over the refried beans), and portions are just enough for two to share. It ends up being a little expensive for what it is (I'd say mainly because they charge for chips and salsa ($4 each), and portions are smaller than you'd get at a more authentic restaurant. My two gripes were the lack of condiments (chicken mole, lobster, shrimp dishes come with no adornments, i.e. salad, cilantro, onion, etc., and considering they charge $4 for a little bowl of salsa, you end up feeling like something is missing), and the fact that they served their chips "al dente." I've posted a separate thread on this on the general board, because I've never heard of any Mexican place doing that intentionally before, and assumed it was a concocted term for poorly prepared chips.
All in all, I wouldn't make this a destination simply for the food. It's a fun, pretty restaurant, and a nice alternative to Mexico City (for what THAT'S worth), but it's pricey and a little too "cute" for my taste.