I had wanted to go to this place forever, and finally got a chance. Warning ahead of time -- this isn't a sit-down place like its competitors up and down the pier, but that's the whole point. While the other restaurants on the pier give you cushy accommodations but mediocre, over-cooked food and sky-high prices, Santa Barbara Shellfish Co. specializes in getting you quality food at a price that is more than fair.
The menu includes Cioppino as well, and my wife (who had it) said it was far superior to others on the pier. I had the Dungeness crab special, which included salad, chowder, a whole crab (cooked expertly), and onion rings for $23 -- that's a steal in SB! They also have lots of great quality microbrews on tap, including my favorite, Anchor Steam, and many others bottled.
As mentioned in other reviews, the seating is not fancy, and it is cramped -- get there early and often. There are booths outdoors, but indoors you will be sitting on bar stools and eating off of a relatively slim counter.
For those that like a good crab, a good beer, great prices, and a nice view of the harbor without getting charged for that view in your prices, I wholeheartedly recommend Santa Barbara Shellfish Co.
Pros: Great food, great prices, great view
Cons: No frills, not a good sit-down place