They aren't on the Square anymore, they have moved to Mass Avenue, but Ron Spenser and his crew are getting it right.
They choose different pieces, some campy, some serious, they employ local talent, yet catch the eye of writers like Clive Barker, who put up their Indiana Premiers there, and it can be hit or miss at what goes up (see Moby Dick the Musical).
But you have to give them credit. They have two stages on which original stuff is done by talented casts. The price for a ticket is comparable around town, and it's located on Mass Ave, so park it for the night and go down the street for some dinner or drinks before and after the show.