It's a great location with endless combinations of teas. Downtown Madison has been sorely missing a place like this since Bubble Island closed down about 2 years ago.
I've tried a few drinks there and thought they were decent. They are, however, quite overpriced. Especially since there's cheaper bubble tea right next door, it seems a bit odd that they'd charge over $4 for a drink. Only once was I very disappointed - I had ordered an iced tea drink with strawberry jellies and what I got was a goopey hot mess. The jellies were just hot funky flavored syrup at the bottom. Gross.
They've got some neat loose leaf tea varieties though, and they seem reasonably priced. Their Fresh Phrase loose leaf green tea is great.
Overall, once the novelty of the place wore off, I concluded that it was just kind of mediocre. Yeah, I'd come here again, but I wouldn't necessarily go out of my way to stop by.
Update: I stopped by twice more and they still seem to have a real problem with the temperature of the drinks. I always order my drinks iced and they always come out luke-warm - their jellies and bubbles go in the cup hot (had they just finished cooking and not had time to cool down? don't know, but they should really fix that) and when you add in the cold tea it makes for a rather unappetizing experience.