Lunetta has big shoes to fill in that it's replacing Mayrose, a legit Flatiron standby, but the old world touches and a straight forward Italian menu are a step in the right direction. Owner/chef Adam Shepard, with a bigger kitchen and more storage space, has beefed the menu and wine list from what they are at La Lunetta, the Brooklyn restaurant on which this one is based. Early buzz is quite good, if a bit subdued, so we'll reserve judgment for the moment, admire the pretty interior, and suggest that they add breakfast posthaste to get the utility quotient back up to where it was at Mayrose.
Further reading on La Lunetta in Brooklyn at $25 and Under. And, by way of bonus, check out Luneetta's neglected Flicrk page.