I love this addition to the social nightlife of Toronto! I am a massive fan of museums, pair that up with groovy crowds sipping drinks and munching of tasty food on a Friday night and I'm sold. If you're not a party person it's worth it to just roam around the museum for a good price without the hassle of large crowds. This way one does not look creepy playing with things clearly meant to entertain little kids.
True lines are long, but the food is very well done, I'm not the biggest fan of the whole exchanging a ticket for food/drinks as it requires more work on our part but I see how it helps them give us faster service. I would recommend not being fashionably late, come early to try and avoid the longer lines later on so you have more time to walk the museum later on.
The time I was here I don't recall there being a full on dance floor perhaps it's a newer addition, but the fact that they are able to make each event a themed one just adds more to the experience. It's like an Yelp elite party for all of Toronto!