As a visitor to Phoenix, it's hard to give a grade to a franchise in terms of long-term player moves, front office, etc. But in terms of an enjoyable viewing experience, they've done a good job.
Hockey is such an underrated spectator sport. It's face paced, plenty of intermissions and is held in smaller venues than football so that it has a more intimate feel (even in the nosebleed seats).
I caught a game versus the New Jersey Devils and thought they did it pretty much right: from promotions in the hallways to on ice entertainment. The game had a little bit of a minor league baseball game feel with the wacky stunts: from a tricycle race on the ice to a wet t-shirt contest (it's not what you think: they actually froze the t-shirts in ice and crumpled them up. The contest was to see who could uncrinkle the shirt quickest and put it on.).
Setting aside performance (and right now the Coyotes are well on their way to the playoffs), the Club seems to be doing a good job in the fan entertainment department.