My past few experiences at Merchant have been good but not great (with one terrible exception due to an overzealous brunch DJ on his last day of employment wanting to "turn up" a room of hungover guests looking for low lights, soft music, and a refuge from most human interaction).
The food is good but not overwhelming. They have spruced up the place here and there.
The one thing that remains is their excellent cocktails! Definitely one of the most inventive menus in the city and still the first true mixology bar in town.