This is a collection of restaurants, bars and such, the atmosphere and architectural style is similar to 1912 in Nanjing (probably the same developer/management) and Xintiandi in Shanghai.
I didn't have the opportunity to eat or drink anywhere here, but from the range of options I see that the places here are not limited to the high-class, expensive kind like what Xintiandi is mainly about.
We did go into a place located somewhat opposite the main "1912" logo, on the other side of the road. The restaurant brews their own beer and looking at the machinery was fascinating. The staff were very friendly and were happy to show us around even though we said apologetically that we weren't intending to eat or drink there at the moment.
If you are an expat in town head for The Brewery in the 1912 Bar Area on a bend of the Grand Canal. There was also another bar i went to a few times known as both Alices/Cellar bar but on my last trip in November 09 seemed closed.
Good food, beers brewed in house are great - tasty but lethal.Crowd are a mix of locals and expats. Great Filipino band plays every night except Monday - top musos and can play just about anything you ask for.