The Varsity is a theatre like the rest. The only main difference is that because it's on Bloor at Bay, the people who frequent it are a bit more urban, generally a bit older and there are far less hoards of teenagers.
If you want to really go all out, do the VIP. It's great on a date. Smaller theatres and you get a table to put your food and drinks on. They have waiter service and you can even get a beer while you watch a flick.
Much more humane if you ask me.