I had hoped they could make a go of it, but it was expensive. You could go one way much faster (30 min vs 3 hours) and cheaper ($99 vs $120) via Harbour Air. However they were trying to provide a luxury service for tourists, which they thought was a viable market. Apparently not.
As an aside, back in the early 90's a company ran a cat on the same route (SeaLink) that was run as a commuter. If I recall, think then standard fair was $40, and if you worked in the hospitality industry or was a student, they did a deal where is was about half price. I took it quite a few times commuting back to Victoria for weekends while I was at BCIT. It was a great service, and during a big Juan de Fuca westerly against tide, was very exciting navigating Enterprise Channel. It tasted about 3 years I think.