I was in town for a conference at a nearby hotel and stayed at the Flamingo because they were running a pretty good deal at the time.
The short explanation is, there is a reason this hotel was half the price of the others. They're undergoing renovations right now, so they'll probably be pretty nice soon, but they're so far behind the other hotels on the strip as far as updated and being nice.
Even worse though, the hotel just looked and felt dirty. The carpet in the hallways were disgusting. The rooms were interesting because they were half updated, but the bathrooms were old and dingy.
The AC didn't seem to work well at all, but I think it was due to how drafty the room was. I had to crank the AC all the way down and even then, had to turn the fan to always on and was still warm. I realized it was most likely due to the lack of seal on the door. You could hear the air whistling as it went right through around the door and upon walking up to the door in the hallway, you could feel the pressure of the air just flowing straight out into the hallway.
Worth it if it's dirt cheap, and you're trying to do the strip on a budget, otherwise I'd recommend going somewhere else.