Wow, there certainly are a wide range of responses to your question! I thought I'd chime in since I bought a condo in the South Loop a few years ago and spent a long time AGONIZING over the decision. Since I'm very familiar with the area I thought I'd share what I know. First of all, a close friend of mine moved to Chicago in the last few months and I did a lot of research for her to help her buy her condo. I remember looking at the Terrazio and not being impressed at all. Though the Terrazio is not in a good location (more on that later) I was tempted by its lower prices, so I browsed. The Terrazio does seem to have good amenities, but I had to look elsewhere because most of the units are SO SMALL. The master bedrooms really are a lot smaller than other condos in the area. I was frustrated because the Terrazio did not list floor plan areas (perhaps because the units are small?)
Ok, now for the area that the Terrazio is being built in: I would not consider this a nice area at the moment. There's public housing nearby and the location really is on the edge of what's been gentrified in the South Loop (given the massive amount of recent condo development I would not expect gentrification to expand any time soon). Also, there isn't a train station within convenient walking distance and I would not feel comfortable walking around there at night. Also, I have not heard anything about a local train station being planned for the area. Even if one was being planned, it would probably be a LONG, LONG time before one was built considering today's financial situation (just look up transitchicago to check for yourself). What I find attractive about living in a condo in Chicago is the ability to walk outside, stroll down the street and enjoy all the city has to offer (including nighttime). This is not something I would feel too safe or comfortable doing at the Terrazio location at night...just my honest thoughts.
If you like this area I would consider searching east of Michigan Ave or venture a little farther north. I hope this helps some and good luck with your search!