11/21 update - No more William Reed on Friday nights. His show has moved to Bar Smith since. Nice thing about Rips is that one can walk down to Phil's if it's slow here.
Rips is great - but only if you go on a Friday or Saturday night. Friday night is Sticky Fingers - hosted by William F**king Reed, an awesome, versatile DJ. All I can tell you is there's no cover, unless his act is preceding a show. Although this venue is perfectly suited for acts such as Reed's.
Second Saturdays is Obscura which is popular, yet I've not attended. Rips brings back memories of the Rogue east circa 05-06. I think the beers are $3-4. Just a chill environment to listen to great music. On other nights, this will probably be your average dive bar with a few locals.