The Arizona Theatre Company puts on fabulous shows for a reasonable price. The production values are excellent, and the acting is superb. The choice of shows each year is varied enough to ensure that there is something for everyone.
The prices are also quite reasonable. If you have an Entertainment Book, there is always a "buy one, get one free admission" coupon. And if you don't, or you have already used yours, ATC sells last-minute half-price tickets.
The best part of all is that there is not a bad seat in the house. I have sat in the last row of the balcony, and I still thought the view was great!