The Wailulu Bar & Grill is located near the Seven Seas Lagoon at the Island Tower at Disney's Polynesian Villas & Bungalows (which is part of the greater Polynesian Resort complex). Initially, the location is "walk up only" and not taking reservations — since there should be a pretty unique view of the Magic Kingdom fireworks from this location... I would expect a reservation system to go into effect sooner, than later. There is a mix of indoor and outdoor (covered) seating.
The breakfast menu is full of Grab-and-Go type options, so we probably won't track that. The lunch and dinner menu for the table-service area of the location is the same (aka an "all-day menu"). There's also a dedicated "bar" area which has different hours of operation than the restaurant. The bar has it's own drinks-only menu. It's not clear if you can order from the full food menu while sitting at the bar.
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(*) Price ranges listed are the average cost for one main entree and one soft beverage item, unless otherwise stated. There are many combinations of appetizers, deserts and drinks that will add to your final total. Many parks also use seasonal pricing systems which result in food and beverage costs increasing at peak times. Please check with the location that you are interested in for specific pricing information.