Verdict: I'm glad I've been there, but I wouldn't be in a particular hurry to go again. Superb location, good fish, friendly staff. What goes around the fish could be better in places.
We went by water taxi from Exmouth docks. The restaurant and water taxis work well with each other. I think it took about 10 or 15 minutes to get there (with a spring flood tide in full flow).
I had the smoked mackerel paté starter, which I was very pleased with: plenty of paté (could have done with a couple more slices of the toast that was with it). There was some green salad with it, and spots of balsamic and — I think — beetroot dressing as well. Nicely presented, I thought. One of us had a smoked salmon starter, and apparently enjoyed it. The starters were definitely the high point.
My main course was beer battered fish, chips and minted pea sauce. The fish was good — a nice, thick piece of pollock — but I thought the batter could have been done for a bit longer. The chips with all of our main courses were over-done, and had taken up quite a bit of oil. They weren't greasy, though.
Two of us had mussels for a main course, but I don't think they were terribly impressed. The mussels looked quite a decent size to me, but (a) I wasn't eating them and (b) I'm not keen on mussels anyway, so it'd be worth taking what I'm saying with a pinch of salt. Like the mussels — more seasoning, and a better broth required was the verdict on those. The lightly curried ones were better than the bacon and cider, but marinière might be the safest option.
A cheese board, chocolate torte, porfiteroles and Dunstable ice cream (honeycomb, mint choc chip and... something else, but I forget what) were the dessert choices. We all had ice cream, which was a nice bowl of ice cream, but there's nothing else to say really.
All in all, the things you'd particularly expect to be good were generally good. The rest, a bit hit-and-miss.