The location is extremely convenient and is considered part of the strip. You can take a shuttle from McCarran to the hotel. Bally's is well within walking distance. I've walked at all hours of the night and never had an issue. There has always been crowds milling about, so I've never felt threatened.
The hotel itself is alright. Standard hotel room. My only grip is the shower pressure is always lacking. The rooms are always clean and in good shape.
The casino is great if you are looking for cheaper table gambling.