I went there once during my College Program. They seat everybody around a big pit in the middle of the room, serve dinner, and put on some show about a sultan and a genie and a princess and...well, it's all just an excuse to make the pretty horsies run around and do neato stuff.
When I was there, they had 3 menu items to streamline the ordering process, and the quality kinda reflected that. The food was palatable, the non-horsie parts of the show were alright...the only really memorable part of the whole thing to me were the stuntpeople and the horses.
I wouldn't pay full price for the thing, but for the 20 bucks I paid, I guess it was worth it. There are more unpleasant ways to spend an evening.