We've seen several shows at Standup Live. Some comedians are funnier than others, obviously. Depends on the type of humor you're into. The drinks are pricey, and with a two drink minimum, you're going to spend some money even if you get a free ticket. The food is decent. My advice is to show up early: at least an hour.
Okay now for the rub. As an audio engineer, I am shocked and horrified how terrible the sound system is. I've arrived late and sat in the back most times, and have a tough time understanding what's being said. Either the speakers suck, the mic sucks, or the audio engineer has no clue what they're doing. Only low and medium frequencies are getting to the back of the room. For the prices they charge for admission and drinks, and the quality of talent they bring to represent downtown Phoenix, they are definitely making enough grip to get a decent sound system. The audio has been super disappointing every time I've gone.
Edit 2 months later: the business contacted me about this review and told me I would be getting contacted by the manager. That never happened.