I have used the "rooster sauce" for years. Huy Fong makes a very good product, but after making edamame's recipe (see TiggyBee's link above} I'll never use the rooster sauce again unless it's an emergency, and I don't have, or have time to make edamame's recipe.
I use Sriracha when I want heat without too much vinegar tang. Cook down some onions and peppers, add ground coriander and enough Sriracha to make it wet and you've got an awesome condiment for bratwurst etc.
It's very garlicky compared to most American and Mexican hot sauces we keep around. I agree that the rooster one is really good. I want to try the homemade version, though!
Phyllis has it pretty much down. And it is an amazing rags to riches success story as far as its pedigree. The guy who came up with the idea was selling it door to door to Asians restaurants in the San Gabriel Valley and now it appears on just about every restaurant breakfast table in Southern California. It's hot but not overpowering hot. It has an almost floral aftertaste to it, which good pepper sauces should deliver.
Sriracha Sauce is southeast Asian (Thai, Vietnamese) spicy condiment. It is a paste of chili peppers, vinegar, garlic, sugar and salt. It's really wonderful. If you purchase it, buy the bottle that has a picture of the rooster--its nickname is 'rooster sauce'.
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http://www.food52.com/recipes/6441_fresh_sriracha_aka_home_made_rooster