Registered @7:41, was quoted an hour wait, became first in walk-in list by 8PM, stayed there till 8:55 when I have left because there still was no real estimate of table availability.
They maintain separate walk-in lists depending on the party size, so someone who has arrived much later than you may get seated earlier.
Judging by my observation of the dining room, small parties are at a serious disadvantage. By the time I gave up, there have been three more parties of two who have registered after us, but gave up too and were crossed out. Fogo, probably, cook good meat, but have no respect for our time - it was my fault for not having the reservation, but it was their choice to keep me waiting when they clearly saw that they were over their capacity (even parties with reservations were asked to wait twenty minutes).
Pros: Reputation
Cons: Very crowded, Noisy
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