The place does get super busy on nice weekend nights and wait times over an hour for outdoor seating is not unheard of, especially during sunset hours. However, they have a nice outdoor bar and patio area where you can wait for your table while sipping some margaritas and listening to live music. The menu is good and it's probably my favorite Mexican restaurant in the Lakeway area. I particularly like the spinach and mushroom enchiladas.
Personally, I find that I copmare this place to the Oasis because of the sunset views mainly and the Oasis has a slight edge over Iguana Grill, but the food at Iguana Grill is much better and I find myself going there more ;)
Pros: Food, Outdoor seating, View
Cons: Long waits
more