I can't help but respond to this. Fiance loves Melting Pot. I tolerate it.
First, the good, which we both generally agree on:
- Great ambiance
- Long meal, which makes for a nice date and time together
- It's unique/different from most other meals
Now, a few of the negatives we both acknowledge:
- It's not cheap
- More often than not, the service is mediocre. I don't just mean that it's a long meal, but that often, during the course of it, we feel neglected (drink refills, more sauce, whatever) and can't find our wait staff.
- Valentine's day (when there was a special menu and an increased price) was absolutely the worst. And the tip was automatically included. I'd have called a manager over to get it removed, but we'd been there such a long time by that point, it wasn't worth my time.
Now, a few things specific to my opinion... I don't consider the experience as a whole to be a good "value". More than just price point alone, I don't feel the meal is worth the price. I don't leave feeling full and satisfied the same way I would from a steakhouse, for instance.
For me, the "high point" of the meal is the entree. The cheese fondue--depending on which one it is-- only marginally interests me. Some of them I simply don't care for the taste at all. I also don't take a huge interest in the chocolate either. Occasionally I'll have a little, but in general, it's not my style of dessert. That said, cheese and chocolate can be very filling, so I'm not surprise that some people feel stuffed. As someone who enjoys the entree most of all, I find the portions (specifically in relation to price) to be laughable. At risk of sounding like I'm standing on a soap box, I also largely see the hot-pot cooking as a dumbed down version of more traditional Asian hotpot. For many of the meats, boiling in broth is about the least appetizing method of preparation I can imagine, though that's partly just opinion.
It just comes back to value. There's a lot of meals I could go out for, for a much smaller total check, and leave feeling more satisfied.
ETA: Where it's a situation that your meal is essentially shared with your dining companion(s), you also have to both have similar tastes... the cheese and chocolate most of all. The entree you can have different things, though you need the same cooking style. For DF and I, this definitely doesn't help much with my enjoyment (I like spicy, she doesn't... I also can't stand marshmallow or peanut butter)