Basically a complete sh1t show if you decide to go during the day. Hordes of people and not much to see or do, unless you want to wait 30 mins in line to get a $3 souvlaki.
The Danforth is one of my favourite neighbourhoods but I can honestly say it's better enjoyed for the food if you go on a "normal" day and not the festival.
However, if you're looking to party - Taste of the Danforth in the evening is wonderful. Many of the bars have extended bar hours (4am!) - Local Co, 417 and Kahlua Cafe to name a few. Music is pumping, places are packed and there is a lot of fun to be had.