Visited here in June ’05. Great downtown location in a converted old building. Interesting decor with beer cans and a huge collection of tap handles. Food was serviceable, and has a wide variety. I had the Wisconsin sausage combo. The beers were standard brewpub caliber and they bring out nine in the sampler. None really jump out, but all palatable. Worth a stop if in downtown Milwaukee.
I've visited Water Street several times, and was surprised that it wasn't already on the Milwaukee tour. It's downtown, and the beer isn't exactly world-shaking, and it's more a family-oriented restaurant than anything else (maybe that explains it). Still, the wheat beers have been good even if the rest (pils, oktoberfest, pale, etc) have just been ok. Never got there when they've had the doppelbock. I've mostly had the German food, wursts and such, it's hearty and reasonably well done though not a patch on the "authentic" German restaurants in the city (Maders, Karl Ratsch's). Mostly young, friendly servers -- no point in asking them for real details about the beer.