Soundscapes is one of the few stores in Toronto where you can actually buy music that you'd normally only find on the internet. They have an excellent selection of music you'd find on Pitchfork or from various music blogs, and for people who aren't comfortable with downloading music, this is a great place to appease your guilt.
As far as record stores go, I find that it's not a very good store if you're just browsing. There's so many artists that you've probably never heard of that it's overwhelming to try and investigate them all. It's really the type of store you go into when you know you're looking for something specific.
Soundscapes is also a concert ticket retailer. They have an easy to read list posted right by the door of all the upcoming concerts they have tickets for, including prices and whether it's sold out or not. You can find the same list on their website. Best of all, they only charge $1 for their service fee, unlike Ticketmaster who tries to rob you blind.