As advertised, The Cambie is a great place to load up on cheap beer.
Food: Who goes there for the food? :) The food isn't very good, but that's not why most people go there. It's all about the beer.
Service: It gets very busy there, so the service can get sporadic. Still, the servers do a decent job of keeping up with people.
Value: The only real redeeming quality about the place is the cheap beer. It's a good value if you want to go and get drunk, that's for sure. Lots of young people there who simply want to chat and drink beer.
Ambiance: Good and very very very bad. Lots of youngsters (and foreign exchange students) having a good time, which is the positive part.
On the other hand, the place is disgusting. The tables are old, wooden, and not in particularly good shape. The real trouble, though, is with the washrooms. The Cambie is well known to have the worst washrooms in the city. Are they ever cleaned? I would rather pee in my pants than have to go back in there. Given how much alcohol flows, they ought to pay more attention to this crucial detail.
The Cambie is also in a very sketchy part of town, though the homeless and druggies usually go to other establishments.
Overall: Only worth if you are very tight for money and want a boozy night out. Otherwise, go elsewhere.