Swanky in SM?
Palmer's is a nice place for drinks. Hill Country Grill, also has some fair drinks and decent dinner (and lunch). If you don't mind a drive try the Cedar Gorve Steakhouse at the junction of RR12 and RR 32 out near Wimberley. It would be the perfect swanky hangout if it weren't so damned far out there. It's not the drive out-there... it's the drive back after a full meal and or drinks. But if you are willing to drive that far... consider the Huisache Grill in New Braunfels, Myron's Steakhouse (but be prepared to bring your mortgage payment [oh and it is very worth it]) also in New Braunfels, or even the Gruene River Grill. The Gruene Onion is a nice bistro-type place and about as casual as the Gruene River Grill. But more intimate.
I have not been to the Wine Cellar for dinner - but Lunch is incredible. Don't rush the chef/owner. Get there with plenty of time and expect 90 - 120 minutes for lunch - longer if there are more people. He does all the cooking right there in front of you - but I think he would benefit from an assistant. But the food is absolute gourmet and incredibly priced and more than worth the wait if you have the time.