You are correct! This place rocks = this pace is cool/nice.
If you use it to describe a person...make sure to remove the s, unless it is in the third person.
You rock, I rock, she rocks, he rocks, they rock, we rock
It is a great expression and very common. For example, this forum ROCKS!!
Have a good one!
LEARN ENGLISH BY USING IT: ANSWERS & MOTIVATION FOR ANY ENGLISH LEARNER