This may be the smaller than the Kool Haus (http://www.yelp.ca/biz/kool-haus-toronto) complex, but it still is pretty massive. Housing one of the larger dance parties on Friday and Saturday nights, it also makes do as a performance venue for bands and other acts.
Definitely upscale, you're able to hear some top-shelf DJs when they come to town as well as some really great local talent. The sound system is one of the better in the city for dance music and for what it is, and given the scale, the drinks are not priced that far out of line. Still a wee bit outrageous, but definitely not out of line.
Where I find it loses a bit is in its attempt to house live music shows. Because the same speaker layout isn't used to fill in the acoustic holes, bands tend to have a harder time making the place sound just right. A small point, but more a case of using the wrong tool for the job. This place is build for DJs, not guitar heroes.