We went with a huge group to this festival in 2009. I wasn't expecting much after visiting the Greek festival in Tempe, but this one blew us away.
Fist of all, it's huge, and super organized. There are all kinds of merchants and places to get food, as well as dancing and other activities.
The food was unbelievable. All kinds of fried goodness, meats and different things to drink (however I am NOT a fan of ouzo, black licorice tastes like vomit to me).
The dancing was fun to watch and the crowd was really pleasant and easy to be around.
I would definitely recommend this, and am planning on making it an annual stop. Some say Phoenix lacks vulture, but you just have to look closely and you'll find it all over the place.