I've seen several comedy shows here over the past couple years at JFL42. It's one of the best venues for this type of thing in the city.
I really enjoyed when Bill Burr came on and immediately roasted the venue. "Queen Elizabeth" is a beautiful name, but it leaves you expecting a bit more. So true. With that name, you expect a bit more... grandeur.
However, the theatre's elegance is in its simplicity. While the exterior bears resemblance to a converted middle school from the 70s, the interior is relatively sleek and functional. Seating is comfortable, and it's very easy to see the stage. There is no balcony, the seats just gradually slope higher and higher.
Furthermore, the layout is simple. It's very easy to get to your seats, with a minimal amount of stairs.
The acoustics are clear without being brashly loud. Again, excellent for a comedy show.
I haven't had the slightest problem with security. They're fast and efficient, but also willing to admit if they don't know something.
The biggest downside is probably the location.
Bonus: Beer.