Peter's Pub is a decent college bar, but without the "charm" of nearby Hemingways. Drink prices are low, but not the lowest in town, and the same generally annoying college crowd is there. It's actually a nice place to be during the day, but at night it transforms into a not-particularly likeable crowded smokefest where you'll wait forever for a drink.
The drinks here are good, but the prices could be better. You'll find pretty standard college fare. The food is decent as well, it's pretty standard bar food. Upstairs there is an area where live bands sometimes play or it can be rented out, with its own bar. My experience is you'll get much better service up there.
BOTTOM LINE: There are better places. It's a pretty standard college bar, without all the charm. Expect crowds, with loud loud music and lots of smoke.