I'm not disappointed with Ray's Pizza, I'm just not all that impressed either. It probably doesn't help that when it comes to the battle of New York vs Chicago pizza, I'm Chicago all the way.
Ray's pizza is quite cheesy, the crust is very crunchy. $2.50 for a generously cut slice (that's for cheese, toppings are extra) isn't too steep. I had a slice of cheese and a slice of Pesto. Both were good, just not anything amazing. I can't say I've ever been to THE Ray's Pizza in New York (or any of the infinite number of other places in New York also called Ray's), so I can't compare if this is anything like the real New York pie.
There's nothing wrong with Ray's Pizza. I just wouldn't go out of my way to eat there again.