First, you don't go here for the food.
The Waffle Shop is strictly for intoxicated (or curious) individuals wandering out of the local bars. It doesn't open until late, the coffee is nothing to write home about, and the waffles are unexceptional.
On the other hand, the atmosphere more than makes up for the mediocre food. The Waffle Shop is a media project run by CMU students, and you can volunteer to be interviewed up on stage, or you can watch others as they're picked apart.
Great fun & inexpensive, to boot.