Austur India Fjelagid is probably the most upscale Indian restaurant I have ever visited. The prices are high (2500 ISK for a vegetarian entree, which is nearly $23). However, the decor is nice (sleek and modern) and there is an abundance of cocktails and fine wines available. The food options are somewhat different than the usual fare that one finds at an Indian restaurant (at least, in the US). There was no channa masala or saag paneer or biryani anywhere on the menu. Instead, I tried sweet coconut rice, meloni subji (mixed vegetables with cashew nuts and various spices) and a green chili elixir.
For those looking for extremely spicy Indian cuisine, Austur India Fjelagid is probably not the best choice. The dishes were very flavorful but I think the green chili elixir was the only spicy part of the entire meal. That didn't bother me, however.