Following the advice of Yelp, I stopped in Richmond Station for a quick lunch. The small restaurant seems to be really popular among the businessmen and women of Toronto, since at 2pm the only available table for 2 was at the bar. The staff was really friendly, and I ordered a beet salad with chicken and the famous Station burger ($22!?).
The locally-sourced salad was really fresh, and the chicken was moist and tender. I ordered my burger medium rare (per the request of the waiter). The burger was amazing - the patty consisted of two types of beef (traditional ground beef and roast beef). The house-made burger bun was thick and able to absorb all of the delicious juices that came out of the meat. My one complaint would be that ground beef seemed more medium well than medium rare, but overall the burger was really good. The fries were also really tasty (it tasted like they had been cooked in beef fat, or it might've just been the juice running out of my burger).
If you're an American burger purist looking for a ground beef patty, Richmond Station might disappoint you, but if you're looking for a modern burger experience in Toronto, I would give it a try.