Believe the hype. There is a reason this establishment has thrived for so long in what might be the most competitive restaurant market on the planet. From the minimalistic décor to the gorgeous food, Le Bernardin is worth the wait for your reservations and more than worth the cost of a meal there. The menus are exquisite, but I highly recommend doing the tasting menus to get the full experience (note, there is a heavy emphasis on fish, but servers will ask if there are any allergy concerns). Many courses, to be sure, but portions are manageable and you will not leave feeling overstuffed at the end of your meal.
Even if it is a once-in-a-lifetime experience, you will not regret your time at the gold standard for fine dining.