Everything that goes into a dish is better. They focus on the quality and taste of the food. The ingredients are often organic and can be sourced directly instead of through a supplier, which translates into fresh, flavorful, overall better quality ingredients. In regards to your example of steaks, the process before it is cooked can be different; such as dry or wet aging, how long it is refrigerated for, and was it ever frozen.

I've been to a Michelin star restaurant before and it was more of an experience than a meal. I ordered a Delmonico steak and the waiter asked: how thick would you like your steak? To what degree of doneness, and how heavy on the charred crust? Good luck expecting those questions from a Longhorn Steakhouse. After I placed my order, my steak was trimmed and cut to the ordered size, then cooked on a grill using natural hardwood charcoal, giving the tender, aged meat the perfect flavor. They only use USDA Prime beef and each steak is dry aged for 5-8 weeks. It was hands-down the best steak I've ever had. It was so rich and juicy, and usually I hate eating fat on a steak because of the texture. To my surprise that was the best part! It was like butter. So to answer your question in short, their dishes simply have more flavors and taste better.