Definitely one of the best problems in Bishop if not anywhere.
Sit start on small crimps and climb up into the good flake undercling. Continue onto the lip, make a couple of moves left and right, figure out how to get your foot to face level, and then mantel (or throw) to the big smiley jug. Careful on the top-out.
This problem can be more difficult for those who are either really tall or really short. It's probably helpful to be average-height and flexible. There's also a variety of ways to do this problem.
Although Tony Lamiche gets credit for reclimbing the problem in it's current state after the hold above the lip broke, the original FA was by Michi Tresch probably back in 1999 or so. Michi's version was more along the lines of V8 and didn't see many repeats before the hold broke and the problem lay dormant until Lamiche did it.