I went to see In the Wake of Bounty (part of Fringe Fest 2011) and besides the show being exquisite, the venue was perfect. Phoenix Little Theatre is basically attached to the Phoenix Art Museum which means you can stroll about in the little park area before the show. Take goofy pictures with the headless children statues and throw wishing pennies into the fountain overlooked by the uber masculine yet pensive sculpture.
Free and plentiful parking!!! The theatre is really intimate with a small stage and limited seating. With that being said... any seat would give a great view of the happenings on stage. Only downside is that the theatre chairs and my rear end did not get along amiably. Lots of fidgeting on my part and constant readjusting.