The junction is a real up and coming area from what I've been reading. However, being an east end guy, it's always been an area that's just off my mental map of Toronto.
Scadding Court always seemed nice to me. As far as location, you are close to everything.
You can walk to the Distillery District. You can take one bus to Cherry Street and the Docks. That same bus will take you to the Danforth. You are in walking distance of Queen and King East. And you can even walk to the Eaton Centre (though it's a bit of a hike).
You are close to everything except York U. But then, nothing is really close to York U.
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