The LVH - no longer the Hilton, but now The Las Vegas Hotel, has seen it's better days. We stayed for a convention/tradeshow a couple weeks ago and while it's convenient (work wise) it's nothing spectacular for the location.
There's nothing awful about it either - it's just average. There are a few decent restaurants and shops, it's farily clean, there's a good business center and overall not a bad place to stay.
There are more vibrant, lively places closer to the strip and nightlife, but if you're looking for something more quiet and perhaps a better budget value, the LVH isn't a bad option.