Pros:
Lots of challenging and blind shots that force you to take interesting lines that you wouldn't need at most of the other local courses. Iv'e played here 10-15 times and only once have I seen anyone else. I usually end up here on the weekends when I go to Paseo first and see it's packed. As someone who is not an Arizona native, I like the environment of the course, it isn't pretty, but as soon as you walk through the gate you feel like you're in a completely different environment.
Cons:
Many of the baskets are in bad shape. The tee signs seem inaccurate. The first few times I played, I would run ahead on the blind holes and look for the basket before I threw. The baskets were often in completely different spots than I had imagined by looking at the signs, sometimes 100+ feet in the other direction than I thought. It is also sometimes tough to find the next basket before you learn the course. It took me 3-4 times of playing before I found the 18th tee.
As others have said, there is a very good chance you'll leave this course with scratches. I have thrown discs 3-4 feet into the mesquite trees that still took me 15+ minutes to dig out despite being in arm's reach, some discs I almost gave up on even though the disc was in plain view. Having said that, I've always brought home all my discs as well as the cuts to prove it.
Other Thoughts:
The course is very different from the other local options. I love playing Paseo, Freestone, Emerald, and Vista, but they all feel like throwing straight to the basket without much in the way for the most part. That is not the case here, you'll be forced to throw down tight fairways, over trees into small gaps etc and you'll be punished heavily when things go wrong, this isn't my favorite course by any means, but when I'm in the mood for it, it's great.
I spoke to someone who said whoever is looking after the course is slowly replacing the baskets and signs. I played today and noticed a couple new baskets and signs so the rumor seems to be true though I get the impression it could be a while before all baskets/signs are replaced.
I wouldn't recommend this course if you only have time to play once in Phoenix, but if you live reasonably close you should give it a try.