It's not Walt Disney World or Universal Studios Orlando, but it's more affordable and is close to home for the people who live in the Toronto area. On very busy days you'll spend quite a bit of time waiting in line, but I think all amusement parks are like that.
As for the variety and intensity of the rides, it really does vary. There are rides like Drop Zone that drop you like a free fall, and typical roller coasters. With the ticket price, you also have access to a full-fledged water park. This is especially nice if you have really young ones, and just want to sit and relax a bit.