This place is old Vegas!
As a 20-something I don't think I would stay there but my parents and some of their Vegas-hooked friends swear by this hotel.
The rooms aren't too bad and some of them actually have a pretty good view. What you can't beat is the location. It's located on the busiest corner in Las Vegas and perhaps the busiest corner in the country. It's not over priced by any stretch.
I would suggest staying here but probably gambling and eating elsewhere. The casino is probably the smokiest place on the strip and the restaurant isn't much better. The hostess pretty much ignored my Dad and I when we tried to get a table so we left the hotel and ate elsewhere.
The staff were great to me even though I was staying down the street at PH and not with my parents. I had emailed them beforehand to ask if they could put a note in my Mom's room on her birthday and they did just that and made sure they had a decent view of the Bellagio fountains.
Good for seniors and those who have already experienced Vegas and just want a good location. Not good for people who don't like second hand smoke (walking through the casino).