Full disclosure: I live about two blocks from the Twilight Exit, so my love for it originally stems from convenience. I might not drive from Ballard, for instance, to check it out. So take the following with a grain of salt: I LOVE THIS BAR. It's got very cheap, very stiff drinks (esp during happy hour), couches, pinball, big buck hunter, a pool table, comfy booths, a magician on wednesday nights (for real), killer karaoke on sundays, delicious fried food (try the fish and chips), friendly capitol hill/central district clientele, nice bartenders. I come here whenever I can. You will like it.
Pros: see above, and an awesome jukebox
Cons: none whatsoever