Yes, I'd say it is colloquial, and it's casual. It is similar to saying "what are your thoughts on it?" as well as "what do you think about this?" An example: A: "Have you seen the new exhibit at the art museum? I think it's too controversial. What's your take on it?" B: "My take is that it is definitely controversial, but I think it is important to learn about different perspectives in order to improve ourselves."

Definitely more informal. I would say "What do you think about this?" or "What is your option?"