Here's a quote from Grant Achatz: The Chef Who Lost His Sense Of Taste:
So there's something that we call the law of diminishing returns in our cooking. That's why the steak is only two ounces, because by your fifth bite you're really, you're done. You're done with that steak. You know what it's going to taste like. The actual flavor starts to deaden on the palate.
If we were to make you take 10 more bites, by the time you got to bite 15, the steak's just not that compelling anymore. So if we have a series of 23 small courses, where it's a burst of flavor on the palate, and then you move on to something completely different and then completely different, that helps us set up a more exciting meal, and it's something that is easier to kind of be compelled to go through a 23-course menu.
I can think of a number of ways to describe the above: delicious, time consuming, and completely impractical to make at home. If you're serving a 2-oz steak, you really do need all 23 courses to fill up it sounds like. All told it does appear to be a good way to spend an evening with friends.
HT: Managerial Econ