This is the second time I've been to Nick's, and I don't see a reason to go back again.
Maybe I am not the target audience for this restaurant: the menu is entirely "safe" classic dishes whose ingredients are uninspired. My party ordered an agnolotti with white sauce, and a half-order of ribs with spaghetti and red sauce, and a rotini with red sauce and meatballs. While the ribs were decent (there are better places to go for ribs), the meatballs were bland and the red sauce was watery. The agnolotti was actually ravioli and the white sauce a bit too simple.
The pricing is completely out of touch with the quality. Mediocre red sauce over spaghetti and three Italian sausages should not cost $20 anywhere, let alone a family restaurant. We didn't order desserts, so no comment on those. All told, entrees for three and a half litre of wine came to just over $60 before tip.
On the up side, even though they do not take reservations on the weekend, my party of three was seated fairly quickly. Although this has less to do with the running of the restaurant than the volume of guests.
Nick's is The Italian Restaurant that Time Forgot; I'm sure the menu was a hit in Vancouver in the '60s, but I have a feeling that the bulk of their clientele are people who have been coming specifically because the food is just how they remember it from their childhoods. Unfortunately for Nick's, what people consider "Italian food" has changed drastically in the intervening four decades, but the increasing sophistication in ingredients, dishes and preparations seems to have passed them by.
Nick's would be a good destination if you are going out with very unadventurous eaters and don't care about the price. But for dollar value, it's just not worth the visit.