This is a popular place in Coyoacan since many years ago. It was shut down for a while but it's working again now and a lot of people continue to go there to have a few drinks with friends.
The place is not too big but big enough, it has a terrace for smokers and/or if you like to watch people pass by while having your drink. It gets crowded quickly on weekends so the earlier you can get there, the better. The environment is pretty simplistic but cozy, there is no live music but they play mostly music of the 80's and 90's. The prices are pretty reasonable and there's no cover fee; there's a good choice of alcohol (liquors & beers), snacks and a few dishes if you want something to eat. I've never eaten there so I can't recommend anything in particular.
Be careful when paying the bill, though, because sometimes they will charge you "by mistake" stuff that you never asked for or consumed. At least this is what happened on our last visit there, so we had to get the bill corrected in order to pay only what we had ordered as they had put a few extra beers in our bill -- luckily we didn't drink much so we had kept good track of what we had drunk and couldn't be fooled. This doesn't only happen in this place, mind you, so always be careful when paying the bill at any bar or restaurant just in case there are any "mistakes".
No dress code, this place is attended by young people mostly so you can be as informally dressed as you want (of course I'm not talking about shorts & sandals but jeans and sneakers are not looked down on, they're ok).