It's tender and tastes great. Unless the kitchen is going to do a CT scan to look through no matter how good a ribeye you eat, you have a good chance of having to cut through, or chew through, sinew, etc.
Filet ("fil-lay") is usually beef, with the pronunciation referencing the French; fillet ("fill-it") is the dominant use for fish.
It is very odd how North Americans hold the pronounciation for beef and drop it for fish. I wonder if it has to do with the relative costs of each.