Hobby Lobby as a chain is extremely religious, which makes the environment super uncomfortable for customers who are not Christians. It's also closed on Sundays, which is when I (and many others) have time to do shopping.
The fabric selection is pretty limited, but acceptable if you only need some basics. The other craft sections are really wide, and often you can find stuff here that you can't get anywhere else in town. The yarn selection is very good.
Prices are right about the same as other craft stores, but Hobby Lobby has fewer coupons, which makes it harder to save.