I was invited to the soft opening of this restaurant a few months back and had an amazing time: attentive service, awesome food selection, and great drinks.
I've been back several times since then. I've decided I like The Yard but I have to prepare myself before going in. Here are things to expect:
1) Slow service - through no fault of the waitstaff or kitchen, the place is so massive and fills up that food is slow service is slow, not exactly sure how they plan to fix this but it's something to be aware of when you go in. Self serve bar is the best option to get fast drinks, and come in only mildly hungry because food will take awhile so work up an appetite while you wait.
2) 10-20 Minutes wait to park - they do have valet, but during peak hours (4PM on), you'll find a long wait just to get to valet. No parking anywhere in the area, so might as well just wait in line.
3) Price - I've been for happy hour and the prices are good during that time, after that drinks can be pricey depending on what you order. Do some research before hand on their site.
4) Food - The menu is seemingly diverse. I had the fish which was a decent entree. Appetizers like the chips with onion dip and pretzels with fondue cheese are good bar food. I'd give the food 3 out of 5 stars, it's pretty good but could be better. I was hoping for more diversity in the menu and higher end produce.
Overall the ambiance is awesome, definitely a hot spot to be seen in central Phoenix, great bands, cool bartenders, and awesome location. Downsides are service, wait and price... but I have to expect that in a larger city restaurants that draw in so many people like The Yard does would have similar downsides.
I recommend the yard, but caution those who want something quick and cheap. The Yard is not the place for you. If you're looking for an awesome experience, don't mind waiting and can deal with the parking situation - The Yard is your spot!