(photo by Anthony Pidgeon at lonelyplanetimages.com)
This restaurant is located in Elat, Israel, Next to the Le Méridien Hotel, Near North Beach and touted on the official website "The only restaurant in the world where guests can eat underwater while observing hundreds of sea creatures in their natural surrounding - by day or night".
It is located 5 meters(16 feet) below sea level with a sea themed interior and thick plexiglass window to the sea to view out while dining. The Frommers review (see below) indicated main course prices from $14-$25 USD and the food average and the service was a bit slow when the reviewer was there, which put it about average on what you would get at a budget but upscale restaurant in the U.S., but with a better view. While this is probably some place I will never go, if I ever was in area I would want to visit it because it does look awesome.
For more pictures and information see:
Official Site: http://www.redseastar.com/restaurant-en.php
Review by Frommers
Red Sea Star - Yapakal