I arrived around 10PM on a Monday night, which is prime dinner time in Buenos Aires. The tables up front were oddly empty and the back room was only partially full. It had a bit more of a pizzeria vibe than Banchero, but wasn't nearly as homey as El Cuartito. El Palacio was the only place at which the counter for eating slices was the actual counter where you placed your orders. The previous two places I'd been had a separate counter area overlooking the restaurant, but eating a slice standing up facing the guy behind the register who served it to you didn't feel particularly comforting.
Another interesting aspect about El Palacio was that they display their desserts in the front window of the pizzeria. For a place with pizza in it's name, I found this a little peculiar. Perhaps they are aiming to bring in tourists who are aimlessly walking by. Since there are other pizza places on the block, this might give them an edge as far as business goes. I didn't try any of the desserts -- the pizza was incredibly filling -- but they looked appetizing.