I've been here twice now and it's definitely one of the better music venues in Toronto. Though the place looks old and beat down, the acoustics are fantastic and the staff is the nicest of the places I've been. There a bar in the back of the room for the alcoholics out there (though it looks little drab). Downstairs right in front of the stage is the best if you don't mind standing.... Lazy people can go upstairs and sit.
If you do go in the winter, bring a coat if you get there before it fills up. When it's empty the place is FREEZING from the open space, but once the people come it warms up.... Mmmmm body heat ;)