I would absolutely recommend you try to get into Babbo if getting to the Washington Square neighborhood isn't prohibitive for you.
Last July, Mrs. Davooda and I and the couple we were traveling with dined there and it was a wonderful experience. We had a 9:30 pm seating and it took me more than an hour on the phone to get through to make the reservation (hang up, speed dial, hang up, speed dial, etc) but it was worth it.
The food is simply delicious and the service jsut perfect - they're there when you need them and not hovering when you don't. Since we ordered many different apps and entrees, we left it to the sommelier to choose our wines and they were spot on. And the really great thing about the experience is we were in NYC and not a snooty person in the place. We felt comfortable and welcome and left wishing we could return the next night.
Our bill was more than $500 but we each had a cocktail, had two bottles of wine, two apps to share, four entrees and two desserts. I didn't think it was overly expensive for the quality of the food, wine and service.
If you're looking for a pre-theater dinner I can also recommend Rene Pujol (
www.renepujol.com) which has been doing prix fixe pre-theater seatings for like 50 years and is very reliable. It is not top-of-the-game French cuisine but excellent value and they will get you out in time to make your show.
Davooda