I'm a huge bike fanatic, so whenever I see a bike shop in my travels around town I like to stop and check it out. That's how I came upon Bikes on Wheels. I always have a list of parts and accessories that I'm looking to get but can't find...and I didn't find a single one of them here. Not even a simple frameset to build up. They don't do that sort of thing.
But it's a nice store and comparable to any of the other "real" bike shops around town like Urbane Cyclist or the Cycle Shoppe in terms of selection and prices. Different stuff, but the same level of products and services. I talked to the owner here and he knew his stuff so could probably do a good job matching a person who wanted to get more serious about cycling to a good bike. For me it was more a matter of, "yeah, that stuff is awesome, but we don't carry it". But nobody in Toronto does so I don't hold this against them.
So if you're in Toronto then this is a good shop, but on the grander scale of bike shops I've been to it's about average.