Although Soho originally became known as an artists' haven, most of the artists were priced out of the area a while ago. A lot of the art galleries have given way to stores like Banana Republic, J. Crew, Pottery Barn, etc. Sure the galleries are there but they no longer represent the creative/artsy types who gave Soho its cache. The lifestyle of Soho as you knew it is now to be found in the Meatpacking District (and Brooklyn for the more up-and-coming types). Soho and Tribeca are now derided by the "creative" types as being yuppiefied.
The typical built environment of Soho consists of 4-8 story historic warehouse buildings (usually with cast-iron facades). Here's a pic of a very typical but beautiful building in Soho:
That said - I personally like the Trump proposal, and his approach in the video on the web site is targeting the demographic that likes the perceived edginess of living in Soho, enjoys trip-hop/downtempo, etc., but have the financial wherewithall to buy into such an upscale property. Is it out of context with 4-8 story warehouse buildings? Absolutely - but as someone on the skyscraperpage.com forum said - "if people don't like a tower being built in Manhattan, they have an entire continent ready to be filled with their mediocre low-rise hovels"