The Century Room has been disappointing both times I've been. It's one of many new lounges that opened up in the newly gentrified King West strip. The area caters to a slightly older crowd than that of the clubbing district. The Century Room place is fairly expensive: drinks are around $7.00 a pop, and there has been cover both times I've been. (Who wants to pay cover to go to a lounge?) There is plenty of seating, though its all reserved for bottle service. There is a reasonably large dance floor at the back of the bar, and a smaller one at the front. The first time I went, the place was fairly empty, and filled with people that looked they came out just to be seen at the Century Room. Expensive drinks in an empty bar isn't a recipe for a good time. The second time I went was a better experience: the music was good, and there was a large crowd out, but it was still missing that something that makes a club worth checking out. I'd skip this place and check out some of the other lounges in Little Italy. King West is usually a waste of time.
That said, I do think this place is better suited for private parties and corporate events, and would recommend it for such things.