Good food, if a little pretentious at times - ie/ the "deconstructed" steak sandwich would be a lot better as a sandwich, rather than a nice little piece of steak sitting on two pieces of garlic toast. It's the "pile it high" presentation style that was so fashionable a decade or so ago.
Unlike some of the reviewers here, I've never had a serious problem with the service, and we've been here many times.
It's touch on the pricey side (Calgary standard), and a bit loud. The music needn't be blaring so often, but it usually is, so make sure they don't sit you right underneath a set of speakers if you want to have a conversation. BTW, those speakers are placed over every second table.
There are redeeming qualities here: The patio is wonderful on a sunny day. And the specials are great; particularly the Buck-a-Shuck oysters twice a week.
I wouldn't go out of my way to visit Merchants, but my father-in-law lives a couple of blocks away and as a neighborhood haunt it's perfectly acceptable.