There's nothing flash about the surroundings, but the food is really decent and fresh, and the prices are nicely cheap. Can't speak for the Pho, but the vegetarian Bun dishes I have tried are fantastic (just ask for no fish sauce and they're happy to oblige).
I work nearby and drop down for lunch frequently, and it's also a livesaver during TIFF if you're seeing a lot of films at Ryerson!