I've skied Squaw my entire life and been to pretty much all of the mountains in the Tahoe area (excluding heavenly). I highly recommend this to advanced and expert skiers because the harder terrain is fairly separated from the beginner/intermediate slopes. If possible, go with someone who knows the mountain because that honestly makes all the difference. Its understandable that people who don't know the mountain/resort would complain about lines/crowds/food prices/lack of variety/gapers/tourists - thats part of what makes the mountain great for locals/advanced skiers: its easy to avoid these annoying things. If you're a good skier from out of the area find someone who knows the mountain or even hire an instructor. The instructors are some of the best skiers (locals, usually), and really chill. Because of the Squaw/Alpine super pass, you can usually go to Alpine and get some good skiing in there (backside/lakeview) if Squaw is really crowded.
Other resorts like Sugar Bowl, Northstar, are overhyped. Northstar - tourist magnet; I know a lot of good skiers who have left Northstar because it was no longer about the skiing. Sugar Bowl - elitist skiers, no village, limited terrain, gets boring quickly.
Foodwise, yes, it is expensive, but you gotta go to the right places. Dave's Deli and Wildflour in the main buiilding; in the village: Le Chamois (aka Chammy), Soupa; and Cornice Cantina - part of the triangular building in the parking lot, facing Far East chairlift.
Also there are some seriously hot skier guys/girls here. Look for them shredding the advanced stuff.