Oh my oh my oh my...We had a few of these fancier farm to table restaurants on our list when we visited Madison, and boy am I glad we ended up at Merchant! We went on a weekday evening and there was a pretty full crowd, but we were seated quickly. I am sure on weekends it gets very full and planning for a wait or a reservation would be recommended.
Decor is low light, touches of Victorian elegance mixed with warm wood-based bar kind of feel. The menu is small and curated and changes with the seasons and availability of food. There were a reasonable amount of vegetarian options, and we ended up sharing several small and two large plates between three persons and were very happy. The food was simply divine. Olives sound like a rather basic option, but trust me when I say that if you order the warm olives small plate you will have your socks knocked off. The gnocchi (vegetarian option) was a huge hit with everyone and we couldn't believe the level of smokey flavor they had on the root veggies. Cocktail options were fun and interesting, starting around $10 and going up. They have an extension spirits and wine list, as well.
Service was excellent. We especially appreciated the Cava and dessert that was offered to us as part of our friend's birthday. Merchant is a slightly higher end experience (not a break the bank one, though), but if you want high quality food fresh from local purveyors (they have a map of where most of their ingredients come from on the back of the menu!) you can't go wrong here.