I consider this to now be a value hotel. The hotel shows its age in the hallways and rooms. The carpets have spots on them. The elevators are scratched up. BUT... the place is cheap, and there seem to be quite a few people with kids, compared to a few years ago. And it's easy to get to the food court, for the folks with kids or on a budget.
The bars have all new decor, and the "HIT" bar featured the best Mai Tai I've had - original 1944 Victor Bergernon recipe.
There's easy access to free parking in the Self Park lot. The staff are quite patient and friendly. But there's no fridge in the room, and the large old TV is rather depressing.
Another Yelper suggested renovated upper floors, but this does not apply to the "Higher Floor Deluxe". These are the same standard rooms, but just on a higher floor. The Front Desk guy hinted that the renovations would begin in 2011 or 2012.
Overall, for folks looking to just party and not looking for pampering and opulence, Monte Carlo provides a central place on the Strip to set up camp, and crash at.