Paradiso 37, at Downtown Disney Pleasure Island, began operations today (6/5/09).

The standard hours of operation are 11:30 am - 12:00 am Sunday -Thursday and 11:30 am - 1:00 am Friday & Saturday.

The following detailed description of the restaurant is the most current to date:
Quote Originally Posted by Walt Disney World Resort Press Release

Paradiso 37, a high-energy restaurant and bar featuring cuisine from North, South and Central America, welcomes guests to its table beginning in May on Pleasure Island at Downtown Disney at Walt Disney World Resort.

The lakeside eatery will serve up menu offerings representing the countries of the Americas, plus an international wine bar, 37 kinds of tequila and 10 signature frozen margaritas.

The new concept was developed by Orlando-based E-Brands Restaurant Group, a multi-concept restaurant group which currently owns and operates Timpano Chophouse and Martini Bars, Samba Room, Taqueria Canonita, Aquaknox, David Burke, Salsa Orlando and Canonita Express in a number of cities across the United States.
Paradiso 37 will not participate in any of the 2009 Disney Dining Plans. Participation in other discount programs have yet to be announced.