The alley itself is nice inside, and they do cheap bowling night during the week (Thursdays I think). I've bowled in a couple of tournaments here.
I get the feeling that Squaw Peak Lanes used to be an old big-box store of some sort, because it's part of the Food City strip mall and there's no recessed step down into the bowling area like most alleys have. An OK place to bowl, and the service was good, but I think there are better alleys in town.