I am going to be a negative nancy. I just don't understand the hype. If I wait two hours for a meal, I would expect for it to blow the taste buds out of my mouth. Pizzeria Bianco was decent pizza, but by no means worth navigating the tremendous crowds.
If you do go, I suggest going a Tuesday or Wednesday and getting there at 4 or sending someone there at 4 to hold your place. They open at 5, but the line is snaking already by 4:45. Luckily, there are two bars nearby to while away your wait time. I prefer the Rose and Crown, but you can also do their wine bar and get your tab transferred over.
Everybody should come here and try it out for themselves. It is definitely a unique Phoenix experience. That being said, I would rather go to Cibo and wait 0 to 20 minutes for equally delicious pizza.