It's definitely not the west end, especially at night; the east end can't compete with the west in terms of the sheer number of shops, restos, coffee houses, clubs, etc. PLus the urban density just isn't there - nowhere near the same concentration of vertical living you'd find in numerous spots in the west - not yet, anyway. It's just a whole other vibe.
What bars there are tend to be smaller, cosier. We frequent Stratengers (old sentimental favourite - great wood-fired pizza and Indian cuisine), The Roy and the Ceili Cottage (pricey but a great vibe and a great addition to the neighbourhood).... but there are other businesses just starting up - we're hearing good news about some bar near Jones and Gerrard that's just coming into its own. Coffee shops that work for us include the Mercury and Dark Horse. Both serve great product but we love the open decor, terrific art and excellent old wooden central/communal table... they generated their own thing there and it's really working for them. Place is always busy and it's good for watching people, both inside and on the street.
Red Rocket is toast, unfortunately; landlord's to blame there - always happy to jack up the rent once they see a successful business making a go of it. We've seen a lot of businesses go into that building over the years, only to fail. Looks like Queen Margherita is hanging on though, which we're glad for. Awesome pizza pie there.
Regarding cheap eats - if you're into Chinese, try Lucky Star, on the south side of Queen near Broadview. Don't order the usual buffet-style "Canadian Chinese" fare, the chicken balls and bad fried rice dishes, go for the stuff like Shanghai Noodles, Cantonese Chow Mein, beef with Ho Fan, that sort of thing. For as little as seven bucks you'll get a very good meal and walk away stuffed - I go there all the time. The owner and his family are great people. Don't expect a great atmosphere - this is all about the food, period. And if you like burritos, I can't recommend Chino Loco's enough. Another favourite. 10 bucks gets you a very filling burrito that's ingeniously devised. Great fusion food. Try their jerk chicken burrito... yummy stuff. A spunky hole in the wall of a place at Queen and Greenwood, it feels very much like some NYC eatery tucked away amidst bigger attractions. Finally, if you like street dogs, you'd do worse to go to the gentleman whose trailer is parked at the mall on the south-west corner of Lakeshore and Leslie; not a terribly scenic setting but his grub kicks butt. Fantastic fries, great portions, and the sausages taste superb.
For the most part however, food that's both good and cheap is tough to come by - but that's true of many places.