I have a love/hate relationship with the square.....it's a central meeting place for people but it's pretty devoid of character. The addition of the Toronto sign helps anchor what is basically a large concrete park (square) in front of city hall. It stands next to a reflecting pool (summer) or an ice rink (winter) and gives essence to the area.
Always busy...on our last visit it was the congregation point for a small parade that travelled along Queen, then up University. it was packed with people. Add to the mix the hordes of office workers that congregate here for some sun, and it does get quite crowded. Great place to people watch.
In the summer months, there's a farmers market, as well as entertainment, festivals, foods....plus great views of the city.
Parking can be nightmarish.