I actually think it's been renovated since I was last (and only) there, but the Palais Royale of my memory is a glorious place.
I was there to see Echo and the Bunnymen, and I remember it being something damn near majestic. In the warm weather, waiting in line was practically a pleasure, with the water as a backdrop, and the beautiful purple lights highlighting its very lovely exterior. It seemed far too breathtaking for a simple rock and roll show, but the show certainly met these expectations.
The swanky renovations pictured probably don't invite the raucousness of the devil's music all that much anymore. Though I keep waiting to be brought back there (much like the Danforth Music Hall).