I really only go to The Drake for two reasons: brunch or to see a show at the Drake Underground. I'm not one to stand in line for...well anything really, but especially not to drink and listen to a soundsystem. If I'm going out to drink and dance on a weekend, nine times out of ten its to see a band. And the Drake Underground is a place I have visited for some great shows in the past. The sight lines are good and capacity is a manageable 200 people I believe. Plus, being part of the Drake it just looks cool inside. They don't really do the same cocktail program down here that they do upstairs. Its more beer and rail drinks, which is nice when the place is at capacity and you don't want to wait forever for your drink.
It is also worth noting that on weekend nights when there is an early show at the Underground - we're talking it starts at like 8:30pm - there will very likely be a DJ set after, starting around 10:30. If this is your thing, you can stick around and they won't charge you cover again.