'Just a kiss of the hops'
'The beer that made Milwaukee famous'
As far as cheap beer goes Schlitz has a lot more flavor than many of its competitors. It has noticeably less sugar in it than, say, Pabst Blue Ribbon which means the hangover will be much less severe. I have always noticed than beer with lots of sugar in it gives you a more severe hangover the next day. Schlitz is a great beer for when you already are feeling a buzz from the good beer you have been drinking all night and would like to switch to a cheaper alternative. It has a nice earthy aftertaste that hides the fact that you are in fact drinking cheap swill.
Schlitz is not for those with more refined tastes, but luckily I am not one of those bastards. A decent working class beer, enjoy.