We had a Sunday night meal at the funky Prahran Hotel, and it was good: service was fine, food was good, prices were very reasonable (except for the wine, which was higher than you'd expect in a pub). You get a choice of places to eat, and we chose the "dining" area, but even here there was a bit of a spill-over of music from the DJ in the bar area. However, this is a pub and it didn't intrude on our conversation, so it wasn't a major issue for us.
It was nice to be able to park close to the venue but at busy times, this may not always be possible. There's some "permit only" parking in the area (including in the evenings) so care is required.