Stayed here when stranded in Vegas one night and not wanting to sleep in my second airport in two days. If you use hotwire, Palms is the 4 star "near strip west" with only 4 amenities listed.
That being said, I will never stay here again unless I'm in some kind of situation in which I magically am able to stay in the Fantasy Tower in a nicer room. The Palms Tower, where they put us hotwire/priceline/expedia losers, is in desperate need of an upgrade. Nice Aveda products, but everything else is standard and mediocre.
A tip for people booking on short notice: call the hotel before you head over because there is apparently some lag time between using a hotel booking site and when the reservation actually gets to their computer system. I almost had to pay twice until the night auditor (Sarah, who was very helpful) saw the desperation in my eyes and helped me out by calling Expedia twice and demanding they fax my reservation over.
The pool is lovely, Coffee Bean (vs the standard Starbucks) is nice, and I'm sure the clubs are nice (if you have the $$$), but for the most part, I would skip this and stay at MGM or any of the other 4 stars on the Strip and consider this strictly a place to visit.