the bar is good if you are in first year (basically only first yearers in there). Drinks aren't really that cheap, about the same as what you'd get at 'the ranch' RSL....but they are A LOT cheaper than in the city.
the video games suck (circa 1989) and the pool tables are crooked but on the whole, fun is had by all.
If you are straight, stay away from the bar on thursday arvos (i think) which is 'Queers in the Bar' time.
Thursday nights are good if you know people, but would absolutely suck if you didn't. Basically half of the people there would be from a college and college people are usually pretty tribalistic in nature. IMO thursday night music is crap and is usually backed up by a cruddy DJ. The ranch up the road has better DJs and better entertainment (breakers, capoeira, bongos, hiphop dance etc). DJ nino brown of RnB Superclub fame DJ's there once every two weeks.