I'm not particularly fond of their beer, but I think its the 3rd best that the Valley has to offer behind Popago and Sonoran ... however, what it lacks in beer quality, and I must say its only a small leap down in quality from those other two ... it makes up for in atmosphere, which is leagues better than either of their competitors.
I actually prefer their bottled beer rather than their "fresh outta the keg" variety, which is good for them seeing as I'm more likely to pick out their product at Safeway than I am to visit the Tempe location due to proximity. On a related note, however, their House Brew that they make especially for The Roosevelt is my second favorite local brew behind Popago's Orange Blossom.
Patio seating is a premium here in the Valley, and the fact that Four Peaks blended a warehouse motif into a sunny front porch SCREAMS Seattle's Pioneer Square without the dismal rain.
This place is actually the first place most of my out-of-town guests request to visit when coming to Phoenix. I always thought that was a nice compliment for Four Peaks.