I've been to the iPic twice now - once with family to see "Jack Reacher" and the second time for a Yelp Event to see "Jobs". Both experiences were one of a kind and a unique movie experience.
The iPic is located in the heart of the Scottsdale Quarter. It is upstairs, so look for the stairs/escalator going up near True Foods. Once on the second level, it is next to Tanzy. The actual iPic has a bar called Salt and on the other end, it is connected to Tanzy. It's nice that you can get a drink or some food before the movie, then once inside you can order off the menu for more drinks/food.
Premium seating is the way to go - you get a pillow, a blanket, and the seat is super plush/comfy and reclines. This is the movie theater you want to go to for a 3 hour movie or when your date insists on a movie you don't want to see (you can take a nap!). I would highly recommend this theater in these types of situations. Otherwise, it can be a little pricey. (Regular seating is $18 and premium is $21 or $25.) If you sign up with them as a member, you can get preferred seating and a slight discount.
Overall, seeing a movie at the iPic is something you have to do at least once!