The Stratosphere Tower is clearly visible from all over town. It clings right onto the northern end of the Strip though the taxi shuttle from the airport counted it as being downtown and charged me more!
The main advantage of staying at the Stratosphere is the reasonable price for slightly above basic accommodation. For a single traveller like me, I would rather spend less on the hotel room (where I intend to spend as little time as possible) and put the savings towards a show, meal, etc. The view from the Premier Tower is quite nice but can also be quite rundown from lower rooms on other towers.
Check in has always been slow with a long line. There's also a compulsory $5 per day 'resort charge', which gives free tower admission from 10am-1pm daily and a few other fringe benefits. The check in clerk tried to bully me with the fact that he didn't have any rooms in my class when I had pre-booked and paid for but I stuck to my guns and got an upgrade.
The Stratosphere isn't anywhere as plush as some Strip hotels but I don't think you can expect that for the amount you pay. There are quite a few eating options though not all of them are open everyday. I enjoyed the buffet which fills you up. The overnight diner offers some very cheap meals with coupons readily available.
There's an outdoor pool and spa bath on the 8th floor. Reasonable size with a volleyball net set up and basketball hoops and balls freely available. There's also a table tennis table and a bar in the pool area.
The ride to the top of the tower is compulsory in my opinion, especially at night when the neon really brings the town to life. There are indoor and outdoor observation decks and yes, the thrill rides at the top of the tower do shake it, so don't worry - it's not an earthquake! There are also a lot of laughs to be had from watching the faces of the thrillseekers on the rides. I love roller coasters but even I was a bit worried at the look of X Scream and Insanity. They are certainly unique ride experiences because of the location.
There are a couple of shows on - American Superstars, a tribute show which was entertaining and available cheap with coupons, and Bite which I didn't watch. There's a shopping mall with more down market but cheaper stalls than some of the lavish Strip hotels.
I didn't find travelling along the Strip that bad - it's a 5 minute walk to the Sahara hotel and the monorail which has 7 stops along the Strip and takes 15 minutes to travel to the other end of the line at the MGM. There are Strip trolleys but these aren't as reliable due to the brutal Vegas Strip traffic in my experience.
So I found the Stratosphere a reasonably priced base for exploring the Strip.