We recently had a short weekend stay in Phoenix, so I am hardly an expert, but here are a couple of quick observations. We had an excellent meal at Vincent's on Camelback Rd but were quite disappointed with Christopher's, another "highly rated" restaurant.
Our stay at Marriott's Camelback was also disappointing, after reading all of the 5 star hype. A site visit to the Arizona Biltmore and the Phoenician made them seem much more appealing, though we didn't stay there. They are also not for a budget trip unless you can work a deal.
I strongly agree that a side trip to Sedona (and the ghost town of Jerome nearby) are well worth the drive, especially if you do go to the Grand Canyon. How they missed making Sedona a National Park I'll never know. Try to spend a night there, as the views at sunrise and sunset are unbelievable.