We were there earlier in the month and there never seemed to be much of a wait (if any). We usually stopped in there around 5pm for a pre-dinner drink at the bar and there were always empty tables. It starts to fill up I'd guess around 6pm, but the food comes out pretty quick and they turn tables over relatively fast.
We found a few of the dinner entrees really good the one time we ate there for dinner...especially the fish that was on the menu. I think with the prices going up at Ama Ama and Makahiki, Off the Hook has gotten more interest for sit down dinners than in the past.