I visited WDW in early December. I was not able to schedule an ADR for the new Space 220 Restaurant prior to the trip.
We waited in line to visit the Space 220 Lounge. The new restaurant and lounge are located next to Epcot's Mission: Space attraction. We were told the bar in the lounge seats ten people. As people leave the bar, people from the line are allowed to travel in the stellarvator for a 220 mile trip up to Space 220 to be seated at the bar in the lounge area. There is a cast member managing the line outside the building. You must be 18 or older to be seated at the bar. You can order drinks, appetizers, and/or the full prefix meal at the bar.
We waited about an hour for our party of four people to be seated in the Space 220 Lounge. Two of us were able to go in first to be seated at the bar and the other two after about another 15 minutes wait. At first we were seated at opposite end of the bar in the lounge, but as people left the bar, we were able to move to sit together at the bar. We ordered drinks and appetizers and enjoyed everything we ate and drank. I highly recommend ordering the Astro Deviled Eggs (eggs, maple glazed bacon, scallion, pickled shallots, cilantro) and the Blue Moon Cauliflower (tempura fried cauliflower, house-made hot sauce, with blue cheese dust). The bar staff was attentive, professional, and engaged us with interesting stories.
https://disneyworld.disney.go.com/dining/epcot/space-220-lounge/menus/
Another day during our visit, we checked the Space 220 Lounge wait line to see how long the line was, but the cast member managing the line had close the line. At that time, no additional people were allowed to join the line. He was limiting the number of people allowed to wait in the line. The cast member's reasoning was the wait was long and he did not want people spending their valuable Epcot time waiting in the line.
Visiting the lounge for drinks and appetizers is a less expensive means of visiting and seeing the restaurant.
So, is visiting the Space 220 Lounge worth the wait?
Depends on how much time you have at WDW and Epcot. The wait is long and the time you will be in line is undetermined. If you are visiting WDW for several days, maybe a one plus hour wait is worth your time, but if your time is limited, save a visit to the Space 220 Restaurant and Lounge for another visit. That said, Yes, I do look forward to visiting Space 220 again and hopefully I will be able to get a dinner reservation for my next visit to the Centauri Space Station!