By far, this was the best meal I had both times I have been in Rio (and I had customers take me to the best barbeque places in town). The food is Italian, and the proprietors are Italian. I also went with a group of Italians (those nine Italian men I met at the hotel bar) who were treated like paesani of the owner.
Our meal was fabulous. We had at least seven courses, most of which were seafood. After anitpasti of typical cold meats, steaming and savory plates of shrimp, white fish, and linguine al pescatore were passed around family style. There were baby lamb chops, pasta al pesto, you name it, and it all was delicious. Bottles of wine were quickly drained and replaced, until for dessert we decided we needed a digestivo of limocello. It felt like I had been invited to dinner with old friends. Part of that was the company and the "in" they had with the owner, but I think the rest of it had to do with the congenial service and the terrific atmosphere of the restaurant.
Decorated in white and yellow, the restaurant was in the corner of a building, with the seats by the window being lower than the seats in back, so all diners had a view of the streets. This design seems common in Rio, and creates a very comfy ambiance as you can see most of the other diners and folks walking by the place. Also, we lingered over our meal for at least three hours, with no pressure to leave.
For three people, the bill came to $115 (based on an exchange rate at the time of 1.5 reales to the dollar). However, we also ate a lot of food. Ordering less food and maybe wine by the glass, you could easily keep it at $20 a person and still eat like un re e la sua regina.
If you are thinking about dining here, I suggest dinner, not lunch. I walked by once at lunch time and the place was empty. But, even so, without exception, I highly recommend il MIO restaurante.