I spent many a year eating at Rendevous while in college. When we first started going, it was terrific. All aspects of the place were great; food, service, price, atmosphere, etc..etc... Last time I went was in '94 on my future wife's senior formal. It was like a totally different place; food, service, wait, and final bill all SUCKED! I don't know what happened, but there had to have been a change of ownership or something like that. Never in my life had I seen such a turnaround in a particular restraunt. I gotta agree with Nollan here and say there are better Eat's floating around in Memphis.
If price isn't a deterrent, I'd check out the restraunt in the bottom of the Peabody. I believe it's called "Ducks" or something like that, and it is EXCELLENT!. With a few drinks, it'll set ya back a few Ben Franklins, but it is well worth it!!