To me, "fancy" is about not allowing money-saving measures to have an effect on the taste and quality of the food. The menu is honest. The prawns are actually prawns and not shrimp (They ARE different!). Maine Lobster is actually from Maine and not some cheaper kind. Kobe beef is actually from Japan and not "American style Kobe".
Fancy restaurants create food with flavor, rather than trying to appeal to people with weak palates that can't handle a little garlic and rosemary.
All of this pushes prices up, but fancy restaurants aren't trying to compete on price.
