After being there, I would guess that every biker who has ever ridden in Texas has been there.
My interpretation: It was a small town. In the mid-1900s, a guy purchased the town and turned it into a tourist trap which doesn't seem too much like a tourist trap. It's a huge parking lot, a petty good sized dance hall, a general store (he old Post Office), and a stage or two or three outside where you can sit, listen to music, and ---oh yes!---drink beer.
You can check it out for your self here: http://www.youtube.com/watch?v=UmY8M4cDdjg
We plan to leave Fredericksburg and head for home in earnest tomorrow morning.