Hey Lucy is just on the end of a barrage of tourist-trap restaurants on King West, designed to lure in unsuspecting visitors and force them to empty their wallets for pretty abysmal food and overpriced drinks.
That being said, Hey Lucy! does have some good to offer. They have cheap martini's every wednesday ($5 each) and a pretty great list of spirited concoctions (Green Apple is my go-to). The restaurant itself is pretty small and the prices are kind of high, but the food isn't awful (at least in comparison to some other places on this strip). I love the Ya Old Goat Pizza (goat cheese, spinach and sundried tomatoes). The ceasar salad is OK but my brother ordered the curry once and it was barely luke warm. I find the food, like the service, is pretty hit or miss.
Definitely go here for some martini's on hump day, but find another place for dinner (and trust me, there are many!)