The anticipation was almost too much to bear as eager La Jollans awaited this overhaul of venerable Putnam's, and the arrival of pedigreed chef Michael Stebner (twice invited to cook at the James Beard House). But there's no overhype or spotlight jitters here; Stebner delivers on a superbly crafted and executed menu in a warmly stylish and understated space. Window-side and sidewalk tables enjoy a street scene of La Jolla's beautiful people, who in turn gaze in at mouthwatering seasonal presentations like chestnut agnolotti with fennel and sweet squash, rich veal tenderloin with rosemary and olives atop creamy polenta, and scallops braised in a rich mushroom broth. A favorite Stebner wouldn't dare take off the menu is the delicious porcini risotto topped with lobster and aromatic white truffle oil. All of the entrees are available in half portions, a boon to smaller appetites or creative types who want to compose their own multi-course "sampling" meal; there's also a five-course "Mercy of the Chef" menu for $49. It also helps leave room for never-too-heavy desserts like spicy carrot-parsnip cake, persimmon panna cotta, or refreshing honey-rosemary ice cream. When you're looking for a classy fine-dining experience--with none of the old guard "fancy" attitude--this hotel eatery stands alone on the culinary scene.