Pros:
This is one of Phoenix's newest courses (I think it came in around March or so of 2008) and has become very popular. This is a friendly and simple 9 hole course that stresses technique over power.
I have played it dozens of times and have a tough time making par.
Lots of parking.
There is a good "after work" crowd.
Fun to play in the morning or at dusk.
Good signage.
Great opportunities for rollers.
Many Phoenix area parks are empty and unused, Los Olivos always has lots of people around,
Cons:
If you "shank" it alot, the olive trees will hold onto your discs very well. My buddy Tim carries baseballs in his bag to knock down discs. I have an 18 foot telescoping pole in my trunk specifically for Los Olivos. Even the Los Olivos icon is a picture of a guy reaching up to fish a disc out of an olive tree. Hole 9 fairway can get overrun with soccer players in the evening but they are usually very considerate. New signs were recently added declaring the area for disc golf. Have had several rounds that I couldn't finish because of non-golfers on 9.
Be careful there are rodent holes that can roll an ankle if you aren't paying attention.
Other Thoughts:
This a really fun course and has great replay value.
Deceptively tricky, especially hole #2.
Best hole "The Peninsula" - #7 a long shot out onto a peninsula of grass, bordered on 3 sides by O.B. this hole is really fun.