Michaels is a large store, with a wide selection of craft materials: everything from picture frames and floral supplies to cake pans and jewelry making supplies. Every Saturday morning, they hold a craft class for children, which costs $2. Coupons are regularly available, and they'll accept competitors' coupons (Jo-Ann's and AC Moore).
They don't carry much high-end, specialized stuff, which means that if you really get into any given craft, in order to progress, you'll have to go the catalog route.
PROS: They accept competitors' coupons; decent seasonal merchandise.
CONS: Not much specialized merchandise.