After reading a few of these yelp-suggestions, I finally grew a pair and made an appointment for an institute-level student (2nd floor) cut for a busy thursday afternoon.
I arrived a few minutes early to the salon, and I have to say, architecturally it's beautiful. They took me upstairs where I had to wait for about half an hour or so - the original student who was supposed to cut my hair ended up having to give our appointment to another student, and I was totally fine about this.
The stylist looked at the pictures I had and seemed very excited about the cut (it was just a regular, long layered trim), and I wasn't expecting any enthusiasm so late in the afternoon so points for him!
They asked if I would like any tea or water, and continued on to giving me some sort of aroma therapy - head massage thing, which was AWESOME! Sure, the cut took fairly long (about an hour and a half) but I spent only $20 and got a very decent haircut (it's not super-fantastic, their students, but it's a great place to go for a fresh trim), tea, a friggin' spa quality aroma treatment & FRIENDLY service? COME ON! Compare that to the $60 crap-tastic cuts, followed with unfriendly service, we've all received at some point at other salons.
Basically - definitely give it a try, they WILL NOT butcher your hair and you'll enjoy the experience if you're patient and considerate to the fact that their learning. Just be sure that you don't have anything planned after the appointment - it may take longer than you think!