I've eaten at Siam Thai about 3-4 times now over the past 6 years. It's a small to medium sized restaurant located in downtown Victoria and appears to cater to locals in addition to tourists who may wander down that way. So if you're trying to get away from touristy, it's a decent option. Generally when I come here, it's because I'm with one or two other people. We order a few dishes - a noodle dish, a vegetable dish or a curry, and then we'd share it.
The interior of the restaurant definitely has the traditional Thai theme going on, with Thai artwork and statues. The food is decent, although I seem to recall the prices have gone up significantly, while the portions have shrunk. Don't get me wrong - I will gladly spend big money on a fine dining experience where portions are tiny. And I will not go out of my way to frequent a restaurant known for big portions and small prices (because honestly, how much do you really need?). But the last time I visited (2005? 2006?) I wasn't nearly as impressed with this place than I was the first few times I visited (in 2001, 2002).
Favorite Dish: Siam Curry (your choice of meat cooked in a yellow Thai curry sauce with bamboo shoots, basil, red & green peppers and coconut milk).
Their Thai iced tea (a strong red tea served with a thick sweet cream) was delicious!