Though it doesn't appear to get a lot of love from this forum, I keep hearing solid reports on Sunda from friends who are food enthusiasts (though they don't feel the need to discuss it on the internets, heh). Whenever I pass, it looks pretty active and fun, as well. Not really my scene, as I'm not cool/rich enough to party in River North, but when visiting from out of town, its a fun diversion. That'd fit the "Asian" part of your description, although it's certainly not an Argyle- or Wentworth-type place.
You probably don't have Mediterranean in mind when you say "ethnic", but again and again, when I'm looking for good food downtown, I find myself at avec. It's simply a great place to have some food that is fulfilling and familiar, but unique as well. Can't go wrong with whatever pasta they have, as far as I'm concerned. Also great for getting blitzed on some delicious, reasonably-priced wine or beer. Not to mention it's super casual and just fun to be in.
Sunda
110 West Illinois Street
(312) 644-0500
avec
615 West Randolph Street
(312) 258-8331