In terms of prestige and league tables the University of Limerick wouldn't be considered as 'good' as TCD or the NUI's, but it is still a pretty good university. Obviously it depends on what department you're applying to as well.
Limerick is a good college for things like PE. Has some of the finest sports facilities in Ireland. Has a rep as a rough town with a gangland problem. That doesn't really seem to impact on student life though. By and large Limerick people are decent. Be warned... Rugby is sort of a big deal.