There are good and bad things about this restaurant which make it an overall 3 stars. First off, the skyline view of Toronto is absolutely gorgeous from Panorama's 51st floor patio. Admittedly I find the decor inside a bit tacky (think VIP section at a mediocre club in the entertainment district) but has improved substantially since the recent renovations. That's just my personal taste though, I know others who like the look.
Aesthetics aside, the drinks are good, not great. Over the years I've had tried most of their frozen cocktails which are delicious if you have a sweet tooth like myself. Not very alcoholic so they feel more like a dessert than a cocktail. Expect this or be disappointed. The wine selection is decent, good variety of reds, whites, and rose. Decent spirits and scotch menu if you ask for one. Expect to pay a few dollars more than what you would pay in normal altitude bars.
Food is enjoyable but also marked up. I recommend the desserts over the meals. Service is friendly. All in all a decent place with above average prices because of the view but worth it :) I always come back for the view... it's something you really can't put a price on.
Note that the place is rarely over 50% full despite it's ideal location. This is due to the overpriced mediocre food and drinks. Also the staff can be a bit snobby if you don't "look the part". I suspected this and my suspicions were confirmed upon reading several other reviews.