Attended the Watusi 'Opening Party'. Free Food and Free Drink. I think the only good thing about it was the free part. It's another skinny bar on Ossington, and has mixed personality disorder.
The invite cited, "Basically you're walking into a scene straight out of Mad Men. "
however when I arrived, I was welcomed by the usual Toronto Hipster scene and decor that mimicked Austin Powers 60's stylings vs. Mad men.
I cannot really speak to the affordability of this place, but the food was not anything too special, at least not special enough to make me want to go back there and pay for it.
If you explore it good luck. Otherwise you are not missing anything in life by not going.