BOTTOM LINE: Intimate theatre, great casts, varied shows (musicals and stand-up!) and frequent Groupons make this one of my favourite spots in town.
The LOT is great and it really spruces up the Ossington strip so it's more than just hipster bars (which are slowly being taken over by the suits). The upstairs houses an intimate theatre with truly sloped seating so it's impossible for your view to be obscured, while the downstairs has been set up for stand-up/open-mic nights. Some have complained about technical problems and feedback, but my experiences have generally been limited to the occasional unresponsive mic.
I've watched Rent and Avenue Q and have really enjoyed the production values for this little theatre company. The talent is tight! While tickets are usually reasonably priced and can be booked online, the frequency that you can find deals on Groupon and Groupon clones make attending the theatre way more accessible! It's totally worth it, and the best part is that with so many pre- and post- show options in the 'hood, you're guaranteed a good night.
A more recent discovery and something I really hope takes off are their stand-up nights starting at 10pm and midnight. Entrance fee is totally legit and again, the talent is tight. The PBR here is CHEAP...and frozen. :S I laughed till I cried and I'll definitely be back!