As a tourist I really liked it. I think if I lived here I would never ever go to Yonge-Dundas Square.
Essentially it's a mini Times Square. They have street performers; I saw a guy breathing fire. One of the nights I passed by they also were playing a movie with rows of chairs lined up for you to sit and relax- all free which is nice.
Surrounding the area are tons of shops. The neighborhood is pretty vibrant so there is plenty to do nearby.
I liked it as a good meeting point since it's not difficult to miss.
Since I've been there I don't know if I need to go back, but I liked it a lot when I was there. I would recommend it to others for sure.