It's okay. A higher-end concept store/line, though IIRC regular stock's in the mix. The interior design is well done (sprinkled throughout with interesting details) and the downtown, retro-cool staff are helpful, but the space can get unpleasantly crowded.
If you like the J Crew look, you'll be happy there. I tend to go for their basics so didn't have as much luck.
Although not the travesty that is the abomination John Varvatos built from the debris of CBGB's, I still find this off putting. For ten years the Liquor Bar had been a comfortable crossroads in Tribeca, with a clientele that mixed bikers bankers boho's and the odd broadway babe. The space has too many ghosts for me - still, guess it's better than another Duane Reade.