The freshness and preparation of the fish rivals anything you will find in LA (Matsuhisa, Nozawa, Zo) and is priced accordingly. If you like traditional Japanese it's simply terrific. I've yet to find anything close in Orange County.
However, like some have mentioned... the place is a hole in the wall, somewhat understaffed, and the food is produced 'en masse'. I think the best LA comparison is Sasabune.
The downside of Wasabi makes for a better lunch place than dinner. I highly recommend it but with an asterisk.
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