umm... Could we get a choice on this one? There's some great places in the valley for gamers to hang out, but the midnight release at the MS store is honestly not much different from a gamestop midnight release. While the MS store does go all out on it's midnight release dates; those events are few and far between and mostly limited to XBOX players.
Rather, I would like to point out a number of gaming stores (Tabletop and VG) that also double as either hangout spots/rent systems/LAN gaming. TheGamingZone in Tempe comes to mind for example for having arcades, a large "gaming zone" rentable console location, and a great selection of games to purchase from retro to collector's quality.