This place is a mainstay in Toronto so you can forgive it if it appears to act its age a bit. A small patio and a pool table are not the reason that you go here. This is a music venue with low ceilings, small capacity, and great feel.
Firstly the place looks old. Lots of old wood, stickers from bands that have long since disbanded all over the place, and a chipped and battered main bar give this place a bit of visible history. The thing is, the true history of the place isn't seen but remembered. Everyone has a great memory of seeing a new band here before they made it big, or an already successful band that wanted to come to Toronto and play in a small bar venue for a series of nights. That would be the Horseshoe, then.
The stage sits at the far rear reaches of the bar in front of a decently-sized dance floor. Because of the size of the place, the acoustics are never an issue here. Their website pretty much tells you who's coming in. If a favourite band of yours makes it there, it's worth being there to see it.