Pros:
The park this is set in is a nice park, the pictures don't quite do justice to the scale of the park, the lake, and particularly the fountain. It has the feeling of a traditional golf course because of how it is landscaped. It could be better cared for, and the western section of the park is a little unsightly, but the shaped lake and fountain make it. Lots of birds around if you're into that.
Also I just want to note for the record that I went here expecting basically a lake of raw sewage based on some of the reviews I read. Way too much is made of this reclaimed water thing. It does not smell. I got right up and sniffed it, it smelled like a normal lake. Maybe that changes at various times of year but my experience was fine. I think a lot of people misunderstand what's in the water of a regular old lake; they're not made of drinking water people. The edges of the lake drop off sharply so if you sent a disc in, you probably wouldn't be able to grab it even if the water impurities don't bother you. The point is, don't let any of that talk dissuade you from coming to disc golf.
The course is challenging and the water holes make for a pretty tense game where I found myself always debating how much I wanted to "go for it" onto the peninsulas of the lake, versus just lay up to the right (inland) of the baskets and approach. There are some fairly large, thick trees in play on a few holes that force you out pretty far to get around them on what would otherwise be short holes.
As mentioned by others, the rounded tee pads are neat and work well because I (and I know I'm not alone here) like to approach drives from the right, further than most tee pads allow.
There are public washrooms on site I think, and a strip mall near the start/finish with restaurants and a coffee shop which had pretty good coffee.
Cons:
First, this isn't reflected in my rating of the course, but I was really annoyed that the lawn sprinklers were on during my visit on much of the course *at 4 in the afternoon*. I had thought that it was common sense that you water the lawn in parks early in the morning or dusk, when people aren't around. Apparently not here. So I ended up having to skip a hole, throw through a few sprinklers, and play in wet/muddy ground the whole way. Also, it was really windy, which I only mention because given the wide open nature of the lake (and the elevation here), it may well be windy here a fair bit, so expect at least some wind.
My first major gripe is that the signage for the holes is in bad shape, missing on many of the holes, so you'd really want to have a map with you. It starts out well enough but after hole 3 I had a hard time finding the tee for 4 since it had no sign, and it was quite a ways away from the basket.
This course has a weird design approach I've never seen before: putting the tee pads RIGHT behind large trees, on quite a few holes. So on many tee pads you're lining up your drive in such a way that you're releasing through a gap. On some holes you're so close that it would be possible to hit your hand on a branch if you're not careful. I didn't hate this, it was fairly easy to avoid the trees (most had a big gap to throw through), but it didn't add to the course either. The net effect was it had me questioning whether I was throwing towards the right basket a few times.
Even weirder, on hole 13 was absolutely the most awkward tee pad I have ever seen: there's a bench 5 feet in front of the tee pad, between you and the hole. And at the point in time I was there, the bench was full of teenage girls. Behind the bench is a large tree. Normally there was a window through the tree I would have gone through, but because of the girls sitting on the bench, I couldn't whiz a disc just above their heads. So I had to go WAY around about 90 degrees on a sharp forehand shot. It's just so poorly conceived, I have to imagine someone totally ignorant to the disc golf course dropped the bench in there after the fact.
When I was there (early October), the grass wasn't in very good shape and a lot of dirt was exposed. Combined with the water from having been watered that day, this made it muddy. I had to clean my disc after almost every shot. I actually landed a hyzer shot wedged into the soft turf, standing straight up and down with 1/3rd burried. And if you don't like bird poop, there's a few baskets under trees on this course that will bother you. Bring hand sanitizer?
Other Thoughts:
All in all I have no regrets about making the trip out to Fountain Hills to check it out, but if you were in Phoenix and decided to stick to some of the courses nearer by, you're not missing anything particularly special.
I would say that this course is slightly better and more interesting than Vista Del Camino, but about the same overall as Paseo Vista. So if you're in the southern part of the city, I might recommend try the closer Paseo Vista first. It's a little bit under rated relative to this course, however this is a slightly more challenging course.
Update: All that having been said, I'm completely ignoring the fact that this course is well known due to there having been a number of major tournaments held here, and it's really nice to play a course I've seen in a number of videos. If that means something to you, I think you're going to play this course regardless.