It can (and will) get you drunk for a reasonable price. It tastes decent which has no connection to its funny name. It has experienced a recent revival due to the comeback of old school beers.
Its really not that bad at all, even though its from Milwaukee. Its better than Milwaukee's Best...which doesn't make sense and isn't very good. And its older than Old Milwaukee, which doesn't make sense either and also doesn't taste very good.
Naturally, any Schlitz will taste like Schlitz. Its not a light beer so you can still feel manly with some Schlitz in your hand. If you decide to take a Schlitz, make sure you share your Schlitz with others.
Brendan: No problem chief!
Chad: Ah jeez, this beer is Grolsch, dude!
Brendan: First of all, its not that bad, and second of all its Schlitz!
Chad: Ahhh, no wonder this beer tastes like Schlitz!
1. The act of consuming a beer -- (more specifically a cheap one)-- through one's anus to maximize drunken impairment.
2. The use of any type of apparatus to allow beer/alcohol to easily enter ones butthole in lieu of consuming said alcohol orally.
Brian: Oh man, what happened last night? . . . my ass is on fire.
Ernie: First off, I don't know you... second, sounds like you manned-up and schlizted.
Mike: Where is everyone? Well, I guess it's time to start solo-schlitzing again.