I finally checked this place out and was blown away. It's enormous and a little intimidating at first--there are thousands of swatches (I'm used to looking at bolts of fabric) and dozens of staff. I assumed that since there were swatches on display that most of their stuff would need to be ordered. Turns out, the swatches virtually all represent in-stock fabric. This news almost brought a tear to my eye. In my two hours there I probably spoke to five or six of the staff and they were universally friendly and knowledgeable.
The place also has a really nice buzz. There were lots of designers there, talking about client projects in private homes and on movie sets. The customers and the staff seems to know each other and there was lots of good chit chat, sewing-related and otherwise. There are well-placed tables and chairs where you can leave your swatches while you browse, then come back to sit down and calculate yardages.
There was a wide range of fabric qualities/prices and I agree with other reviewers that their prices do seem to be lower than other fabric stores in the city. Part and parcel of this is a no return policy, a 1/2 yard minimum and some restrictions about how much they will leave on a bolt. Also, they don't allow returns of any kind, not just cut fabric.
It's just the kind of independent retailer that makes me bemoan the encroachment of big chains. Based on my experience, though, these guys will be around for a long time.