If you can live with limited online banking and phone banking and have time to run into the branch for some things than yes, it is exactly what is says on the tin and the smallprint.
I love the no fee ATM's as I like to withdraw only small sums.
What I don't like is that online I can't do foreign transfers, transfers to my PTSB Visa card are treated as billpayment and can take up to 3 days. Payments to other people need to be set up via the phone before you can make them as billpayment online.
Visa card balance/available limit is not updated real time, only once a day.
Their contact center in in Ireland (if they ever swap to you know where I am running) and their agents are top of the class, friendly, helpfull and making you feel like a customer.
Their branch staff (in mine at least) is friendly, but sometimes you feel like a number (despite me having a lot of business with them).
Overall, for free you get a lot.