I have watched gigs here and also performed here a few times. Yifang is a folk music bar, but different from others in the city in that it has a really first class sound system - hands down the best sound system in the Chengdu folk scene. However, the system is only used to full effect when the sound guy is brought in before ticketed gigs. On other nights, with free admission gigs, the staff may or may not do the sound well.The decor is interesting too - a minimal aesthetic but using warm tones, wood and brick, so that it looks both classy and earthy at the same time.
Drinks are reasonably enough priced. From what I remember a small Tsingdao is 15, not bad for a place which has clearly spent a lot of money on decor and which has table service.