I've heard of Assaf but not AssEff before. It just seemed funny to me. Everyone else I mentioned it to in person also found it amusing. I now know it is a surname of some family in the area, but I still think its weird to see that on the sign. I am easily amused though.
I used to visit www.engrish.com every day, they often have funny signs on there. But it's usually just funny because it's people who speak other languages trying and failing to write coherently in English, not because of anything the signs imply.