Got a great deal on this hotel and were driving to Vegas so we decided to stay here Sun-Mon night. FYI, South Point used be called South Coast until the hotel was sold a few years ago.
For the $$, the rooms are nice and big as others have mentioned, but nothing too extravagant. The flat screen TVs are nice; the only problem is there's only 30 channels and they all pretty much suck. I highly recommend bringing your own portable video player and hooking it up to the inputs on the side of the TV in case you want to watch something worthwhile.
I can confirm that the hotel shuttle to the strip is no longer available. I'm not sure how much a cab ride would be to The Strip, but it would probably add up to a small fortune if you're coming and going all the time. It's about 8 miles from South Point to the Four Corners (Tropicana and Las Vegas Blvd) area.
The bowling alley was one of our favorite parts of this place. In the coupon book that comes with with every room reservation, there's also a "buy 3, get 3 games free" coupon. My gf and I mistakenly took this to mean that we'd both bowl three games, then get three free ones on top of that. Well, each game is counted per person, so we got a total of three games each for something like $10 plus shoe rental.