Good because it's local, and you can sit outside and smoke. However, it is also highly, highly overrated. There is nothing special about the food or beer selection, and the parking situation is almost always horrid despite a large private lot.
Worst of all, it is usually peopled by soft, pudgy ASU kids. It's the kind of place sophmores and juniors go to, saying, "wow! This is so college! I am so in college now! Look how college I am! I'm going to flip my baseball cap around and put on some flip flops!"
For a real hole-in-the-wall, find a hole-in-the-wall. Casey Moore's is a place that was a hole-in-the-wall and is now firmly ASU establishment - a good place to network with the future VPs of Dupont.