I sat in the club for a midweek Rockets game last year (dad got em in an auction - for UofH). The atmosphere is sort of like a mall food court, with an NBA game down below where ice skating rink would be. Not exactly bad, not exactly electric.
But I've never been to any big games or playoffs at Toyota; so I'm sure the atmosphere gets up for bigger games than the few I've gone to.
Been to far more UH BB games, in recent years and over the course of my life, and it's pretty amazing how many more people show up when a college team wins consistently. I know non-Cougar parents who've bought season tickets because their kids go there and they just like basketball.
As someone who attended A&M during the Barone and Watkins years, and not quite old enough to really remember Phi Slamma, it's interesting to see that environment on a regular basis and not just when the big rival rolls into town.