As you can see it's the neon sign of a pub/club called the Piccadilly Circus.
I checked out the pub on the net and it's an English theme pub or rather "From pub food and drinks in the evening to club DJ and dancing at night, Piccadilly Circus is equipped to be Toronto's #1 entertainment center. With a games room, DJ & dance floor, authentic double decker bus, surround televisions with satellite, insane and ingenious theme nights, and affordable and competitive prices Piccadilly Circus caters to all your partying needs." It rocks!
I particularly like the picture of some of the insane party goers with the Jordan/Pete Burns lookalike on the right:
It was also voted voted Best College Bar in 2004 by toronto.com. I also love the following promotion on the 16th February which is so good it's in block capitals:
"NEVER HEARD OF IN NORTH AMERICA BEFORE YOU WONT BELIEVE WHAT YOUR EYES ARE ABOUT TO SEE REVERSE COVER THATS RIGHT PICCADILLY CIRCUS & INSANE PROMOTIONS WANT TO HELP UNIVERSITY STUDENTS RELIEVE THE STRESS OF PAYING COVER ON YOUR FAVOURITE PUB NITE OUT 'WE WILL PAY YOU $5.00' WHEN ENTERING PICCADILLY CIRCUS VOTED THE NUMBER 1 COLLEGE/UNIVERSITY BAR NOW YOU KNOW WHY LIMIT ONE PER PERSON & ARRIVE EARLY TO AVOID BANKRUPTCY"
That's right, they pay YOU to go to the pub. I'm booking my flight to Toronto right now!
Cheers Richard, you never actually told me whether you ventured in to check out Piccadilly Circus's insanity.
On a separate point, I wonder how many other pubs around the world are named after Tube Stations or share the same name? Elephant and Castle seems to get about a bit, both in the UK and abroad. We also have brand new King George V on the City Airport extension of the DLR, where a pub name could have influenced the station name!