Personally, I don't see it succeeding.
When you have Trattoria al Forno, Flying Fish, Yachtsman, Il Mulino, BlueZoo, and Shula's all within walking distance, there wasn't a need for another "signature" restaurant in the Crescent Lake area.
I also have a feeling many won't even realize that it is a sit-down restaurant because it's called... Cake Bake Shop. My guess is many people will assume it's just a bake shop. Those interested in cake will then just look at the cake slices, see the prices, and say, "Nope.", and others who are looking for a fancy sit-down might overlook it... simply because of the name.
I may be wrong, but based on the prices, I get a sense that the owner feels that because it's "upscale" in Indianapolis it must also be more upscale than other locations at Disney.